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Wednesday, 13 February, 2002, 11:47 GMT
Wakeham quits Enron board
Lord Wakeham
Lord Wakeham has aroused controversy in the UK
Lord Wakeham and five other directors of failed energy trader Enron have resigned from their positions at the company.

The resignations came as part of the ongoing restructuring of the firm, which is seeking a new management team with the aim of salvaging some parts of the business.

Lord Wakeham, who was a member of Enron's audit committee, has come under increasing criticism in the UK, where he recently stepped aside from his chairmanship of the Press Complaints Commission.

The Tory peer and former minister travelled to Washington earlier this month to aid inquiries into Enron's collapse, but has so far not been called to give evidence before one of the dozen formal hearings probing the affair.

Lord Wakeham has also been a $6,000-a-month consultant to Enron since 1996, advising the company on European issues.

Board cuts

The other directors leaving are Ronnie Chan, John Duncan, and Robert Jaedicke - three of the longest serving members on the board - as well as Charles LeMaistre and Paulo Ferraz Pereira.

Enron said it would cut its board size from 17 members to eight and search for a non-executive chairman and other candidates to join the board to help in the restructuring process of the bankrupt company.

The news came just after Kenneth Lay, Enron's former chief executive and chairman, refused to answer questions before a Senate hearing.


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