HOUSTON - Azurix Corp. announced today that Rebecca P. Mark has
resigned as chairman and chief executive officer and will pursue opportunities
as a private investor in the water resources business. John L. Garrison,
Azurix president and chief operating officer, has been elected president
and chief executive officer.
Garrison has served as president and chief operating officer of Azurix
since March 2000. Before joining Azurix in 1999, he served as vice president
and general manager of the North American Agricultural Group of Case Corp.
"We are going to conduct a thorough review of all of our businesses,
our cost structure and our strategy to determine how best to improve our
financial performance and to maximize shareholder value," Garrison said.
Herbert S. Winokur Jr., presently an Azurix director, has been elected
interim chairman of the board of directors to assist in this review. Winokur
has served as a director of Azurix since 1999 and, since 1985, as a director
and the chairman of the Finance Committee of Enron Corp., which holds
a substantial stake in Azurix. He currently serves as chairman and chief
executive officer of Capricorn Holdings, Inc., a private investment company.
Azurix Corp. (www.azurix.com) is
a global water company that owns operates and manages water and wastewater
assets, provides water and wastewater related services, and develops and
manages water resources. Azurix offers e-business solutions in the areas
of procurement, engineering and design, water supply and storage and billing
and collections. Azurix is listed on the Russell 2000 U.S. equity index.
Its stock is traded on the NYSE under the ticker symbol, "AZX."
azurixinfo@azurix.com
