Who is Jeffrey Skilling?
Jeffrey Skilling is a former American businessman who is best known for his role in the collapse of the Enron, an energy company where he was the CEO.
Jeffrey Skilling was born on 25th November 1953 in Pennsylvania. Jeffrey Skilling studied at Harvard University where he earned his MBA. He later worked with McKinsey before joining the Enron Company in 1990. While in this company, Jeffrey Skilling rose through the ranks, and in a few years, he had become the chief operating officer and was later promoted to become the chief executive officer. In 2001, Skilling was found guilty of several cases of fraud and felonies that led to the collapse of the Enron Company.
Jeffrey as Enron’s CEO
As mentioned before, in 1990, Jeffrey moved from McKinsey to go and work at the Enron Company. While working there, Jeffrey was appointed as the CEO and chairman of Enron Finance Corporation. In 1991, Skilling was appointed as the chairman of the Enron Company, a position he held for several years until he was promoted to a chief operating officer in 1997. While holding this position, Jeffrey aggressively pushed for various investment strategies which helped make Enron one of the largest electricity and gas wholesaler. In 2001, Jeffrey replaced Lay as the CEO of the Enron Company.
Bankruptcy and Fraud Charges
When working as the CEO of the Enron Company, it was discovered that Jeffrey Skilling took part in several fraud cases that led to the fall of the company. Jeffrey dumbed investors by making records of future anticipated profits, making investors and the world believe that those were the actual profits that were being generated by the Enron Company. Jeffrey did this in order to inflate the stock price of the company. Later in the year, Jeffrey caught many by surprise when he retired in August 2001. He also sold more than 60 million dollars of his shares in Enron. The company was later declared bankrupt and collapsed in December 2001.
Several years later, Jeffrey was in 2006 convicted of several frauds and felony charges which included securities fraud, insider trading as well as making false statements to the auditors. By the time of its collapse, Enron’s bankruptcy case was one of the largest in the US history. The collapse of the Enron Company cost investors massive amount of money and around 20,000 employees lost their jobs.
In relationship with this case, Jeffrey was fined a whopping amount of 45 million dollars and was sentenced to 24 years in prison. However, Jeffrey appealed in a court of law and in 2013, his sentence was slashed by around ten years by a federal judge. In 2014, Jeffrey was taken to a minimum security prison located in Alabama and it was rumoured that Skilling would be released by 2017.
Jeffrey has two sons and a daughter from his 1st marriage. He divorced his first wife in 1997 and married Rebecca Carter, who was also an employee at the Enron Company. We hope this information was helpful, though there is more you can discover about him if you do more research.