Dec 28, 2000

Azurix Chairman, CEO Resigns; Garrison Elected

Azurix Corp. announced 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.

P>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.
(Source: Azurix Corp.)