Enron

1 Pages 236 Words

Enron a Post Mortem -

Enron was heralded as America’s most innovative company for five years by Fortune magazine. What happened? What lead to Enron’s demise?



The collapse of Enron is one of the century ’ s most infamous, with reverberations being felt around the world. Craig Donaldson speaks with Enron ’ s interim CEO Stephen Cooper about his approach to people management in the midst of this most extraordinary of working circumstances
Enron was one of America’s leading companies prior to its spectacular collapse in 2001. It was frequently named as one of America’s top 10 most admired corporations and best places to work, and its board was acclaimed one of the US’ best five, according to Fortune magazine. As America’s seventh largest company, Enron experienced explosive growth through the 1990s. It had revenues of US$139 ($184) billion, US$62 ($82) billion in assets and employed more than 30,000 people across 20 countries.
While Enron was considered a phenomenon in its heyday, a highly decentralised decision-making and financial control structure made it virtually impossible to get a clear and coherent understanding of the corporation, according to interim CEO and chief restructuring officer, Stephen Cooper.
“In the space of 30 days, Enron went from American icon to Chapter 11,” he says. The collapse brought an enormous amount of outrage from the company’s stakeholders, while the scale and complexity of Enron’s bankruptcy has resulted in 12 separate investigations by the US Congress....