Kenneth Lay

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Kenneth Lay (2004)

Kenneth Lee Lay (born April 15, 1942 in Tyrone (Missouri) , † July 5, 2006 in Aspen (Colorado) ) was an American businessman who, as the former CEO of the energy company Enron, played a key role in one of the largest accounting fraud scandals. In 2001 Lay was still regarded as a prime example of a not only innovative, but “revolutionary” entrepreneur. In 2009 Portfolio.com listed him as America's Worst Managing Director.

Lay graduated from the University of Missouri with a Masters in Economics and a PhD from the University of Houston in 1970 .

From 1965 to 1968 he worked as an economist for Exxon , then he joined the US Navy until 1971. 1970–1973 he taught at George Washington University . 1971–1972 he was a member of the Federal Power Commission and 1972–1974 State Secretary in the US Department of the Interior , responsible for energy policy.

Between 1974 and 1981 he served as the head of several natural gas companies, including Florida Gas Co. and its successors Continental Resources Co. , Transco Energy and Houston Natural Gas . With the merger of Houston Natural Gas and InterNorth , Lay became CEO of the ensuing company Enron .

Lay held the position of CEO and Chairman from 1986 until his resignation on January 23, 2002 (with the exception of the months February to August 2001, in which Jeffrey Skilling occupied the position of CEO), a little later Enron collapsed.

The names of Lay and Skilling later became synonyms for terms such as accounting fraud or investor deception.

Lay was found guilty of fraud and conspiracy in connection with the bankruptcy of Enron on May 25, 2006 , along with Jeffrey Skilling , and should have faced a long prison sentence: the maximum sentence for his offenses is 45 years. However, he died of a heart attack prior to the court ruling on the sentence, which was scheduled for October 23, 2006.

Lay had five children with his wife, Linda.

proof

  1. ^ Gary Hamel: The Revolutionary Company. Who breaks the rules: wins. Munich 2001 (Econ). Also in the magazine Business 2.0, edition Sept. 2001. According to: Tom Frank, in Le Monde diplomatique, supplement to the taz February 15, 2002
  2. ^ "Portfolio's Worst American CEOs of All Time." CNBC.com April 30, 2009.
personal data
SURNAME Lay, Kenneth
ALTERNATIVE NAMES Lay, Kenneth Lee
BRIEF DESCRIPTION American businessman, CEO of the energy company Enron
DATE OF BIRTH April 15, 1942
PLACE OF BIRTH Tyrone (Missouri)
DATE OF DEATH July 5, 2006
Place of death Aspen (Colorado)