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CMS Energy Gets New CFO, Sells Some Assets

July 23, 2002|Reuters

CMS Energy Corp., the subject of a government probe into false power trades, said its chief financial officer resigned.

The utility holding company also announced that it agreed to sell its gas and oil production unit and expects to close the $232-million sale by the third quarter.

The Dearborn, Mich.-based company, whose chief executive quit in May, is under investigation by regulators for "round-trip" trades. It plans to restate its 2000 and 2001 results.

Chief Financial Officer Alan Wright's replacement is Thomas Webb, a former CFO of cereal maker Kellogg Co.

Shares of CMS ended up 9 cents at $8.82 on the NYSE.

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