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To: Night Writer who wrote (94333)	12/19/2001 2:24:01 PM
From: Elwood P. Dowd	Respond to of 97611

Ken Lay resigns from Lilly Board by: skeptically 12/19/01 02:17 pm Msg: 265280 of 265282 biz.yahoo.com Wednesday December 19, 1:33 pm Eastern Time Enron Exec Lay Leaves Lilly Board Embattled Energy Marketer Enron's Chief Executive Kenneth Lay Quits Eli Lilly and Co. Board INDIANAPOLIS (AP) -- The chief executive of embattled Enron Corp. (NYSE:ENE - news) has resigned from Eli Lilly and Co.'s [NYSE:LLY - news] board of directors. Kenneth Lay, who had been a member of the Indianapolis-based pharmaceutical company's board for eight years, resigned effective Dec. 10, Lilly spokesman Ed West said Wednesday. His term was to expire in 2003. ``Ken voluntarily resigned from our board in order to focus on the issues at hand at Enron,'' West said. Lay took over at Houston-based Enron in August. The company once was the world's biggest buyer and seller of energy, but went bankrupt in recent weeks after acknowledging it engaged in questionable accounting practices and overstated its profits by more than half a billion dollars over the past four years. Federal authorities are conducting civil and criminal investigations. On Tuesday, Lilly announced that Martin Feldstein, a 62-year-old Harvard economist, had joined its board. Feldstein and Lilly had discussed a board appointment for several months, and he was not asked to join as a replacement for Lay, West said. Lilly maintains a 12-member board but is free to add more directors, West said. Feldstein also is president of the National Bureau of Economic Research, a private, nonprofit research organization. From 1982 to 1984, he was chairman of the Council of Economic Advisers and was President Reagan's chief economic adviser.