Enron CEO Jeffrey Skilling Resigns

August 15, 2001 by Jeff Shepard

Enron Corp. (Houston, TX) President and CEO Jeffrey K. Skilling has unexpectedly resigned, citing personal reasons. Skilling, 47, was president and COO for four years before he became CEO and president.

"I am resigning for personal reasons. I want to thank Ken Lay for his understanding of this purely personal decision, and I want to thank the board and all of my colleagues at Enron," Skilling said in a statement.

Skilling, an Enron employee for more than 11 years, will continue to work as a consultant for the company. Enron's Chairman of the Board, Kenneth Lay, will take over both positions, the company said in a statement. Lay, who was Enron's CEO from 1985 until February 2000, has also agreed to continue working for the company through 2005.

"We regret Jeff's decision to resign, as he has been a big part of our success for over 11 years," Lay said in a statement. "But, we have the strongest and deepest talent we have ever had in the organization, our business is extremely strong, and our growth prospects have never been better."