HOUSTON – In connection with the restructuring and reorganization of Enron Corp., the company announced today that James V. Derrick, Jr., executive vice president and general counsel, will retire from Enron, effective March 1, 2002. Derrick, 57, has served the company since June 1991.

Additionally, the Enron Corp. Board of Directors announced that Robert H. Walls, Jr., currently deputy general counsel, has been named Derrick’s successor. To ensure an orderly transition, Walls will serve as acting general counsel, effective immediately.

“I am profoundly grateful to have been afforded the privilege of serving for many years as a member of a legal team comprised of truly outstanding women and men for whom I have the deepest respect and the greatest admiration,” Derrick said. “I am extremely pleased that Rob Walls has been chosen to succeed me. Rob is an individual of great integrity, a superb leader, and a very able lawyer. I look forward to working closely with him to effect a seamless transition of responsibilities.”

Enron markets and delivers energy products to customers around the world. Enron’s Internet address is www.enron.com.