Baxter, 43, was found with a gunshot wound to the head. A suicide note was found at the scene but its contents were not disclosed. Though there were no signs of foul play, an autopsy was scheduled.

"We are deeply saddened by the tragic loss of our friend and colleague, Cliff Baxter. Our thoughts and prayers go out to his family and friends," Enron said in a statement.

Baxter was one of 29 former and current Enron executives and board members named as defendants in a federal lawsuit filed by Enron employees. He was with the company for ten years before resigning in May 2001.  Baxter said he wanted to spend more time with his family.

According to a recently disclosed and controversial letter from Sherron Watkins, a vice president for corporate development at Enron, Baxter -- known as a man with high integrity -- had "complained mightily" to Jeff Skilling, the president of the company at the time, about "the inappropriateness of our transactions . . . to all who would listen."