NEW YORK, Feb. 14, 2002 — The Global Association of Risk Professionals (GARP) has named Glenn Labhart, vice president and chief risk officer of Dynegy Inc., as its Financial Risk Manager of the Year.
Labhart, a 17-year veteran in the energy marketing industry, was nominated by colleagues in the risk management community for a proactive, enterprise approach to risk management. He accepted the award during a gala dinner at GARP’s 3rd annual risk management convention on February 11 in New York.
“Several significant episodes — the energy challenges in California, the tragic events of September 11 and, most recently, the financial collapse of Enron — have profoundly impacted the marketplace,” said Labhart. “The risk management profession has never been more important to business than it is today.”
Labhart, who was named chief risk officer of Dynegy in July 1997, is responsible for the corporate risk oversight of a $42 billion revenue stream of enterprise risk composed of commodity trading, power generation, crude oil, and natural gas liquids assets. He manages a group of 30 people in Dynegy’s Houston headquarters and company offices in Calgary, Alberta, Canada and London.
During a presentation at the GARP convention, Labhart pointed out the importance of developing future risk professionals. “Part of my job is to provide a training ground for new talent through participation in Dynegy’s recruiting program, Programmed Activities for Cross-Functional Experience (PACE). We need to hire the best and the brightest to handle the new responsibilities that will be thrust upon us,” he says.
GARP has named a Financial Risk Manager of the Year for the past five years. Previous winners include Till Guildeman, James Lam, Bob Mark and Bill Martin. Labhart is the first winner from the energy industry.
Through its global energy delivery network and marketing, logistics and risk management capabilities, Dynegy provides innovative solutions to customers in North America, the United Kingdom and Continental Europe. The company’s website is www.dynegy.com.