Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Mirant Corporation (MIR) -- Ignore unavailable to you. Want to Upgrade?

To: Asymmetric who wrote (266)	2/25/2002 3:25:27 AM
From: Asymmetric	Read Replies (1) \| Respond to of 903

CEO of Energy Company Mirant Reflects on Past Year By Matthew Quinn, The Atlanta Journal-Constitution Feb. 10--For Marce Fuller, it's been a year of "the highest of highs and the lowest of lows." As CEO of Mirant Corp., Fuller has seen Mirant soar to the forefront of a high-powered independent energy industry, then go into a tailspin following the collapse of industry leader Enron Corp. Fuller, 41, presided over a highly successful public stock offering in September 2000, a renaming of the former Southern Co. subsidiary as Mirant and an April spinoff from the former parent. She also had to cope with the California electricity crisis. On the day she announced the name change to Mirant in January 2001, Fuller was informing California Gov. Gray Davis in a telephone call that she'd have no choice but to drive Pacific Gas & Electric into bankruptcy unless its bills were paid for electricity generated by Mirant's California power plants. Then Enron collapsed, triggering a credit rating downgrade for Mirant and a total rethinking of her company's ambitious growth and spending plans. "It is unbelievable what this company has done in a year," Fuller said. A native of Wetumpka, Ala., near Montgomery, Fuller began her utility career at Alabama Power Co. while attending the University of Alabama. Her first job was as a "pole pecker" -- the person who goes out with a hammer and taps utility poles to see if they're rotten. After earning a degree in electrical engineering, Fuller went to work for General Electric in Schenectady, N.Y., for 2 1/2 years, then returned to Alabama Power as an engineer. Next she worked her way through corporate finance at Southern Co. and became part of the team that launched the company's international investments. Fuller was scouting power plant projects in Australia, New Zealand and South America in the 1990s when she was tapped for bigger things. Thomas Boren, president of what was then known as Southern Electric, recalled that the unit was losing $20 million a year and was considered "the bowels of the company." He was charged with turning things around. Boren liked Fuller's energy level: "She was one of the stars." In 1994, he named her senior vice president of what was to become Mirant. She rose to CEO of the company's Americas Energy Group, which developed the energy trading and marketing business. When Boren left in 1999 to become president of Pacific Gas & Electric Co.'s National Energy Group subsidiary, he left three potential successors. Southern Co. CEO A.W. "Bill" Dahlberg picked Fuller. She has leaned heavily on the two men she beat for the top job -- Raymond Hill and Richard Pershing, both executive vice presidents. Dahlberg is now Mirant's chairman. Fuller is single. She enjoys scuba diving and went on an African safari last year. She received a salary of $416,385 in 2000, plus a bonus of $630,000. She has options to acquire a total 256,634 shares in Mirant at prices ranging from $18.59 to $22 each. Mirant shares closed Friday at $9.93, so the options currently have no current value.