Gained Entrepreneurial Experience At Dynegy
Joining Dynegy in 1999, Scott headed several areas: risk management and credit, corporate planning, compliance and internal audit, insurance, human resources, global facilities management, corporate security, supply chain management, and was liaison to the board of directors. "It was a fast-paced, entrepreneurial company that Chuck Watson had grown from scratch to a Fortune 500," Scott said. "There were not a lot of processes and controls, and it was a very close-knit group that had been together for a long time. I was an outsider; but I love challenges." Scott also attributes his success to the fact that he was well connected in the community. He knew it was a high profile position that was well chronicled in the press. "I had an opportunity to put my stamp on it; so I went in with ambitious objectives," he told CBB. "One of the first things I did was to help restructure the board. We added three women and two African Americans. We had no women in senior management and ended up having more than anyone in Houston in a matter of three years. We helped transform the company in a very short period of time."
Although he never made it to law school it all worked out well. He told CBB that in order to make the right career moves, "it's important for young people to surround themselves with mentors. They should try to get them early on. I believe you need three to be successful in corporate America: One inside the division you're working in, one outside the division who works for your company, and someone totally objective outside of the company." Scott highlighted other important qualities for success: "If you want to be influential you better know what you are doing and you must produce," he said. "Go beyond what is expected of you and you cannot have a chip on your shoulder. You can't whine, you can't assume anything, you must be willing to establish a rapport with others in the company who are rising; don't wait for them to come to you. Be aggressive. If you don't do these things you will be labeled early on; then it will be difficult to shake the label even if you change."
Scott left Dynegy in 2002 and became a managing director at The StoneCap Group LP. The company acquires power generation assets. In 2004 with three partners Scott formed Complete Energy Partners, LLC, a start-up investment boutique that also purchases power plants. Their work involves raising capital, arranging financing, and using the relationships the partners have built over the years to "open doors with sellers," he said. "Our first deal was a $330 million dollar transaction. If I had not been prepared to do this because of all of my previous work, no one would take us seriously. I'm taking on a lot more risk; but quite frankly I am not nervous. I am quite comfortable with what I can do."
Houston Business Journal, November 5, 1999, p. 5A.
Power, Finance, and Risk, September 20, 2004, p. 3.
Additional information for this profile was obtained through an interview with Milton Scott on January 5, 2005.
—Sharon Melson Fletcher
Brief BiographiesBiographies: Paul Anthony Samuelson (1915– ) Biography to Bessie Smith (1895–1937) BiographyMilton Scott Biography - Never Gave Up Despite Misgivings, Grew Telecom Division, Gained Entrepreneurial Experience At Dynegy