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Enron Advocates Repayment Plan

FOR IMMEDIATE RELEASE: Monday, April 1, 2002

HOUSTON - Enron Corp. today filed a repayment plan with the United States Bankruptcy Court for the Southern District of New York for current and former senior management to repay Enron employees for stock losses attributable to mis-management. The plan, which has been reviewed and approved by the Creditors’ Committee, which the United States Trustee appointed in the company’s bankruptcy proceeding, is designed to repay employees whose investment of skill and effort in the company was instrumental in its past success. “We realized that we didn't work any harder than any other employee of the company" said former Chairman and CEO Kenneth Lay. "Nor did we have any more of our funds at risk. It seemed inappropriate for us to give ourselves multi-million dollar windfalls while our fellow employees were forfeiting their life savings."

Recent reports that Enron Senior Management sold off $1.1 Billion dollars of company shares, during a period when management decision to change 401k provisions prevented employees from selling shares, are balanced against the employees, "midlevel managers and others who invested in Enron stock via the energy trader's 401K savings plan (who) lost an estimated $1.3 billion" during the same time. The repayment plan is expected to make up the difference.

Said former Chief Financial Officer (CFO) Andrew Fastow, "I made about $30 Million off just one off-the-books partnership (LJM2) so I figure I can contribute half that to the repayment fund. That works out to about $750 for each of them, but I think it's the least I can do."

Former President and CEO Jeffrey Skilling was paid $10 Million in annual and long-term compensation in 2000, the last year for which the company proxy statement is currently available. When asked about his contribution to the repayment fund, Skilling commented "About a third of that was in restricted stock options, and we all know how our mis-management of the company has destroyed its stock price, so I really only made $6.5 Million. I don't see why I should be paid 130 times what our average employee earns, so I wanted to return some of it to the repayment fund."

Enron's top five officers were paid just under $50 Million in annual and long term compensation in 2000. Management Guide, John Reh, reports in his feature article CEOs Are Overpaid, that on average US CEOs were paid a salary 531 times that of the average hourly worker. The repayment plan announced today by Enron is seen as a first step in restoring some degree of equity between CEO salaries and those of their employees.


 

 


 

 

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- Walter Cronkite


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- Bill Clinton


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- Queen Elizabeth


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Eddie Einstein (Albert's little brother)





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