Dynegy Inc. - Charles L. Watson as Chairman

Dynegy Inc. - Charles L. Watson as Chairman

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Dynegy Inc. - Charles L. Watson as Chairman
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Beautifully engraved certificate from the Dynegy Inc. This historic document was printed by the American Banknote Company and has an ornate border around it with a vignette of men and women infront of a city skyline. This item has the printed signatures of the Company’s Chairman ( Charles L. Watson ) and Secretary ( Kenneth Randolph ). On May 28, 2002, the Dynegy Board of Directors Accepted the Resignation of Chuck Watson as Chairman and CEO.
Certificate Vignette Dynegy controls nearly 16,000 MW of generating capacity through investments in power projects; it sells the energy in wholesale markets and through alliances with utilities in deregulated retail markets. Dynegy Midstream Services gathers and processes natural gas and produces natural gas liquids. Subsidiary Illinois Power distributes electricity and natural gas to 650,000 customers. Dynegy Global Communications builds and operates fiber-optic networks in the US and Europe. ChevronTexaco owns nearly 27% of Dynegy, which has terminated its agreement to acquire troubled rival Enron. On April 25, 2002, before the market opened, Dynegy shocked the investing community by announcing that the Company would revise 2001 financial statements as the Securities and Exchange Commission probes its accounting of certain natural gas contracts. These disclosures concerning the true nature of the transactions referred to by Company executives as "Project Alpha," contradicted much of the information provided by defendants to the market during the Class Period concerning its reported revenues and caused the Company's common stock to plummet nearly 30% by the end of trading on April 25, 2002, on inordinately heavy volume. Also on April 25, 2002, Dynegy reported a net loss of $140 million dollars for the first quarter of 2002 which the Company attributed largely to a $300 million write-down of its telecommunications ventures. The company is being invested by many federal government agencies and are involved in many class action and other lawsuits. The are unaffectionally called "Enron's Little Brother". Dynegy Board of Directors Accepts Resignation of Chuck Watson as Chairman and CEO HOUSTON--(BUSINESS WIRE)--May 28, 2002--Dynegy Inc. (NYSE:DYN) -- Glenn Tilton, ChevronTexaco Vice Chairman and Dynegy Director, Appointed as Interim Chairman -- Dan Dienstbier, President of Northern Natural Gas and Dynegy Director, To Serve as Interim CEO -- Steve Bergstrom to Continue as Dynegy Director, President and COO The Board of Directors of Dynegy Inc. (NYSE:DYN) announced today that it has accepted the resignation of Chuck Watson as Chairman and Chief Executive Officer. The Board, at the unanimous request of the independent directors, has appointed Glenn F. Tilton, Vice Chairman of ChevronTexaco and a Dynegy Director, as interim Chairman. Board member Daniel L. Dienstbier, who is President of Northern Natural Gas (NNG), has been appointed interim Chief Executive Officer. The new officers assume their responsibilities effective immediately. Steve Bergstrom is continuing with the Company as President and Chief Operating Officer. Otis Winters will continue to serve as lead director of the Board. Mr. Tilton said, "Chuck Watson played a critical role in the creation of the merchant energy business and in the emergence of Dynegy as a major force in the global energy industry. Under his leadership, the Company evolved from a small enterprise into a top producer and marketer of energy." Mr. Watson said, "For 17 years, I have endeavored to build value for all of our stakeholders. Dynegy combines strategic assets, solid management and proven strategies to navigate through the immediate challenges and meet the opportunities ahead. As a shareholder, I fully support the combination of new and existing leadership at this stage of the Company's evolution." Mr. Tilton, continued, "Today, Dynegy is in an industry that is changing more rapidly and profoundly than ever before. That change creates opportunities, as well as a new set of challenges that must be addressed. In particular, events of the past year have hurt the credibility of this sector and eroded investor confidence. As a result, the changes in the merchant energy sector have been extensive. Fortunately, Dynegy has a solid base of assets and strong business fundamentals." Mr. Dienstbier said, "I believe that we can move quickly and successfully to address the issues Dynegy is now confronting. Glenn and I will work closely together with Steve Bergstrom and the other talented and dedicated people here toward resolving every issue facing the Company, realizing the value of Dynegy and building for the future. We are committed to taking the actions necessary to demonstrate to our investors, lenders and trading partners the underlying strengths of this Company and its full potential." Mr. Bergstrom said, "All of us at Dynegy are grateful for Chuck Watson's vision and leadership in guiding the Company to tremendous success. The new structure announced today will allow our team to focus fully on the key business and operating issues before us. We appreciate the confidence of the Board and ChevronTexaco in our ability to move the Company forward in this changed environment." Mr. Winters said, "In this environment, Dynegy must convince shareholders and lenders that the company has the best strategy in place to resolve the issues it faces, while generating new momentum in its businesses. We must move ahead squarely focused on three objectives: restore the Company's credibility; build on the strengths of our energy producing assets; and solidify our achievements in energy marketing." The Dynegy Board of Directors plans to conduct a comprehensive search to fill the Chairman and CEO positions with a leader who has the right combination of experience and skills to address all the opportun


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