3 September 2002 – The Board of Directors of Dynegy Inc. announced Monday that Glenn F. Tilton has resigned as interim chairman of Dynegy to become chairman, president and chief executive officer of UAL Corporation. Tilton’s resignation is effective immediately. Dynegy’ Board will elect a successor to Tilton in the near future. Daniel L. Dienstbier continues to serve as interim chief executive officer.
Tilton said, “I’ve been privileged these past months to see first hand the extraordinary efforts of the men and women of Dynegy to pull together and rebuild this company, all in the face of difficult and complex challenges. Their focus on overcoming these challenges, and on the fundamental work of this company, day-in and day-out, is what is enabling Dynegy to restore the trust of investors, lenders and business partners.”
Tilton continued, “Dynegy has already made substantial progress to enhance liquidity, stabilize the business and address the key issues of concern to the marketplace. In addition to having a solid base of assets and strong business fundamentals, the company is now well prepared to take the additional actions necessary to tap its full potential and demonstrate its ability to move forward again. The Board, Dan Dienstbier, Steve Bergstrom and the entire Dynegy team are deservedly proud for their tremendous, collaborative effort.”
Dienstbier noted that Tilton has provided valuable counsel over the past few months and congratulated him on his new assignment. “Glenn is more than capable of guiding any company through challenging times, and I have no doubt that he will be successful at UAL. He leaves us at a good time: We have achieved notable milestones in our capital and liquidity plans and are fully focused on the future,” he added.
Tilton was one of three Board members representing ChevronTexaco (CVX) and he also announced his resignation from the ChevronTexaco board Monday. The election of a new CVX Board member and new Board Chairman would be under consideration very soon.