Dynegy Inc. reported June 19 that Rob Doty has resigned from his position as executive vice-president and chief financial officer, and the company has appointed Louis Dorey to replace him. That same day, the energy marketer reported that it would cut 340 workers, or 6%, of its worldwide workforce.
Houston-based Dynegy experienced the heaviest cuts in its corporate headquarters, with 300 employees let go, 50 of whom came from the firm's trading business. In addition, Dynegy revealed on June 24 a $2 billion capital scheme to shore up its liquidity and reduce its debt (see Company News).
Doty, who worked for Dynegy for 10 years, served in various senior positions in accounting and finance before being named to chief financial officer in 2000. Dorey's appointment, the company said, "is consistent with Dynegy's continued focus on enhancing its financial position, strengthening its balance sheet, and improving its credit profile."
Dynegy CEO Dan Dienstbier noted, "Our business environment calls for a different set of skills as we address the changes in our industry."
Most recently, Dorey served as the company's president, energy marketing and origination, where he oversaw management of the company's wholesale power and gas marketing and origination business. Before that, he served as executive vice-president, strategy and planning, for the company's marketing and trade unit. Dorey joined Dynegy in 1997 as vice-president, finance and planning.
