Court Approves New Enron CEO

The judge sanctioned Enron's decision to hire corporate restructuring expert Stephen Cooper to run the energy company after the withdawal of objections from US regulators.

The US Securities and Exchange Commission originally criticized Mr Cooper's remuneration package as being too generous. He is to be paid $1.32m per annum. He will not, however, receive the guaranteed $5m bonus he originally negotiated in the event that he successfully liquidates the company or helps it to emerge from bankruptcy. He is now in the hands of Judge Gonzalez who will have to approve any final bonus payment.

Cooper has also now been authorized to hire 15 associates to help him at salaries of $864,000 each. These payments are on the high side as long-term employment prospects are uncertain.