To: Enron Employees Worldwide 
From: Stephen Cooper 
Date: Friday, April 19, 2002 
I am disappointed to announce the resignation of Jeff McMahon as president and chief operating officer of Enron. Last fall, during tremendous turmoil within the organization, Jeff stepped up as a true leader. He has worked tirelessly to create value for our stakeholders and as an advocate for employees. With great enthusiasm, he has focused on the future and on structuring a viable business that can emerge from bankruptcy. 
However, Jeff has decided that it is best for Enron that he step down at this time. When I met with him earlier this week, Jeff expressed his belief that making room for new leadership before we announce the plan for the new company is best for Enron's stakeholders and for him. While I regret Jeff's decision, I respect it. 
Effective June 1, Jeff will no longer be an officer or an employee of Enron. However, he has agreed to be available to assist with the reorganization efforts, if needed. His knowledge and vision will continue to be a benefit to us as we make our way through the restructuring process. 
Looking down the road, I expect to work with senior management and the board to identify someone external to Enron to fill the top leadership position within the reorganized company. I will keep you updated on that effort. The Office of the Chief Executive will continue to be comprised of Ray Bowen and me after Jeff's departure. I want to thank you for your ongoing commitment and support of our reorganization efforts. 
To read the press release, go to <http://home.enron.com> and look under New & Notable.