TXU trading head resigns

VJ Horgan, president of TXU Portfolio Management, a subsidiary of Dallas-based TXU Energy, has resigned from the company "to pursue other interests".

Paul O'Malley, principal financial officer of TXU Energy, will assume Horgan's responsibilities on an interim basis, the company said in a statement.

“VJ played a key role in leading the development of our North America portfolio management operation, and leaves us with a strong team and a wealth of talent," said Tom Baker, president of TXU Energy.

TXU closed its Geneva-based European energy trading operations in early 2003. In 2002 TXU also sold its struggling European operations, blaming low wholesale electricity prices and tough competition in Britain.