message from ken lay earlier today , i stepped down as enron ' s chairman of the board and chief executive officer . this decision was reached in cooperation with enron ' s board and the creditor committee and is effective immediately .
to emerge from bankruptcy , enron needs a ceo who can focus 100 percent of his or her efforts on rebuilding the company . unfortunately , with multiple inquiries and investigations that require my immediate attention , at this time i am unable to fully concentrate on what is most important to enron ' s stakeholders - preserving value for our creditors and our dedicated employees .
the creditor committee has begun a search for a restructuring specialist to serve as interim ceo to help the company emerge from bankruptcy . this individual will join enron ' s remaining management team to direct the company ' s ongoing operations .
i truly believe enron can and will survive . i will remain a director of the board to help see that it does .
during my time at enron , i have witnessed tremendous change and opportunity . i have seen people rigorously grow and maintain one of the world ' s most efficient and safest gas pipeline networks ; i have seen people dedicate themselves to a cause that became a passion - the opening of energy markets ; i have observed smart people come together as a team to build creative solutions like enrononline ; and i have watched people tirelessly give of themselves to help their fellow employees and those in the community . regardless of what has happened , i am proud of so much of what we were able to accomplish here .
thank you for your contributions to the company and for the inspiration you have been to me over the years .
ken lay