Jeff Skilling Net Worth 2020, Biography, Education and Career
Jeff Skilling Net Worth 2020 – Jeffrey Skilling is a former American businessman and the former CEO of energy and services company, Enron Corporation. In 2006, he was found guilty of federal felony and charged for false audit presentations, insider trading, conspiracy, etc.
Jeffrey Keith Skilling was born in Pittsburgh, Pennsylvania, on November 25, 1953. He was born to Betty and Thomas Ethelbert Skilling Jr. He was raised along with three siblings.
He grew up in New Jersey and Illinois. His father worked as a sales manager, while his elder brother went on to become the chief meteorologist at WGN-TV.
Jeffrey’s first marriage ended in divorce in 1997. Jeffrey and his first wife had a daughter and two sons.
His youngest son died of drug overdose on February 3, 2011 at age 20. Skilling was in the prison at the time of his son’s death.
Skilling got married to Rebecca Carter in March, 2002.
Jeffrey attended West Aurora High School in Illinois. He started working at a television station called WLXT while he was still studying in his high school. He was only 16 when he took up his first job.
Since he was a gifted learner, he received a full scholarship to attend Southern Methodist University in Texas. He majored in Applied Science at the university.
After graduating from the university, he was sent to Harvard Business School by a Houston bank, where he worked right after his graduation.
In 1979, he completed his MBA from Harvard. He was one of the brightest students in his class and graduated as a Baker Scholar.
Jeffrey started working as a consultant at McKinsey & Company under energy and chemical practices. He went on to become one of the youngest partners of McKinsey.
He then started working for Enron and quickly climbed the ladder of success at the company.
While he was working at McKinsey & Company, Skilling got an opportunity to work on a project for Enron. His skills and his understanding of how energy works impressed Kenneth Lay, the then CEO and Chairman of the company.
Lay offered Skilling the position of Chairman and Chief Executing Officer of Enron Finance Corp.
In 1991, Skilling went on to become the chairman of Enron Gas Services Company. A few months later, he was also named the CEO and Chairman of Enron Capital & Trade Resources which was a subsidiary of Enron.
After working at Enron for seven years, Skilling finally became the President and CEO of the entire corporation. This made him the second most powerful man in the corporation.
Skilling soon turned Enron into the largest wholesaler of gas and electricity in the USA. His investment strategy, along with his adoption of mark-to-market accounting, contributed immensely to the growth of the company.
As a result, Skilling replaced Lay in February 2001 to become the most powerful man of Enron. He received $132 million in a single year as the CEO of his company.
On August 14, 2001, Skilling submitted his resignation. Lay was then called back to take up the post of CEO.
As soon as Skilling resigned from his post, Enron’s performance went down quite dramatically. In August, the company’s stocks hit an all-time low and by October they were as low as $15.
Around the same time, Lay was accused of selling nearly $60 million of his stake and in November 2001, the company started plummeting.
From being the most celebrated and successful company in the USA, Enron went on to face bankruptcy. Accusations like false display of audits, insider trading and laundering ruined the company’s reputation forever.
In December 2001, the company declared bankruptcy. It was the biggest bankruptcy in the history of the United States. 20,000 people lost their jobs and investors suffered huge losses worth millions of dollars.
Аѕ оf recently 2020, Тhе nеt wоrth оf Јеff Ѕkіllіng іѕ аrоund $2 mіllіоn whісh hе hаѕ еаrnеd bу wоrkіng аѕ а buѕіnеѕѕmаn. Не hаѕ dоnе а bасhеlоr оf ѕсіеnсе іn аррlіеd ѕсіеnсеѕ іn thе уеаr 1975.