Enron finance chief quits
The man who became Enron Corporation’s chief financial officer only a month after the energy giant declared bankruptcy has resigned.
Raymond M. Bowen, 44, submitted his resignation yesterday “to pursue other professional opportunities”. Said Enron spokeswoman Jennifer Lowney.
Bowen was also Enron’s treasurer, a position he took shortly before Enron filed for Chapter 11 protection in December 2001.
Robert S. Bingham, associate director of restructuring for Kroll Zolfo Cooper, was named to succeed Bowen. Enron announced his appointment yesterday in a US Securities and Exchange Commission filing.
Bowen joined Enron in 1996 and held various finance positions. In mid-November 2001, he moved up to treasurer. He became CFO in January 2002.
Former finance chief Andrew Fastow was ousted after Enron announced massive third-quarter losses in mid-October 2001, leading to a flood of devastating revelations of hidden debt, inflated profits and accounting trickery.
A year later, Fastow was charged with nearly 100 counts of fraud, conspiracy and other counts. He has pleaded guilty to two counts of conspiracy and became the government’s most high-profile co-operating witness in ongoing Enron investigations.
