Kinder Morgan president Park Shaper told investors today that he would be stepping down from company at the end of March. News of his departure, and other management changes for the largest midstream and the third largest energy company in North America, came during Kinder Morgan Inc.’s fourth quarter earnings call on Wednesday afternoon.
Effective March 31, Kinder Morgan’s current executive vice president and COO, Steve Kean, will become president and COO. Kean has also been elected to the boards of directors of KMR and the general partner of KMP effective March 31, 2013.
Shaper will remain a member of the KMI board. He will resign from the boards of directors of KMR and the general partners of EPB and KMP effective March 31, 2013.
“Park has been with Kinder Morgan since the early days and has contributed an extraordinary amount to our success over the years,” said Kinder Morgan chairman and CEO Richard D. Kinder.
Part of the company's success is its use of the MLP structure. Shaper spoke to OGFJ in January 2011 about the company's structure as well as its presence in the Haynesville, Eagle Ford, and Marcellus. Read the interview here.
“My 13 years at Kinder Morgan have been an incredible opportunity for me, and I have truly enjoyed and benefited from working alongside Rich, Steve Kean and all of the remarkable Kinder Morgan employees. The time is right for me to spend more time with my family, and I look forward to continuing to serve on the KMI board.”
With the final distribution of KMI shares from the sponsor investors to management in December 2012 (which wrapped up the KMI management-led buyout), Richard D. Kinder will continue as chairman and CEO of Kinder Morgan, but certain members of the corporate and business unit management will retire or change roles within the organization.
Jeff Armstrong, president of Kinder Morgan Terminals, will become vice president of corporate strategy for Kinder Morgan. Armstrong will be succeeded as president of the Terminals business segment by John Schlosser.
Tom Bannigan, president of Products Pipelines, is retiring and will be succeeded by Ron McClain, currently vice president of operations and engineering for the Products Pipelines group.
Tim Bradley, president of Kinder Morgan CO2, is retiring and will be succeeded by Jim Wuerth, who is currently vice president of finance and accounting for the CO2 segment.
Joe Listengart, vice president and general counsel, will be stepping down from his current position and will be succeeded by Dave DeVeau, currently vice president and deputy general counsel. Listengart will continue working for the company, assisting as needed on significant transactions and other matters. Adam Forman, vice president and deputy general counsel, will assume the additional role of corporate secretary for the Kinder Morgan entities..
David Kinder, vice president of Corporate Development and treasurer, will be retiring and will be succeeded by Dax Sanders as vice president of Corporate Development.
Kim Dang, vice president and CFO, will continue as CFO and will also assume responsibility for treasury and investor relations. David Michels, currently vice president of finance, will become vice president of finance and investor relations for Kinder Morgan and CFO of EPB, reporting to Dang. Anthony Ashley, currently director of finance, will become vice president and treasurer for Kinder Morgan.
The transition will be largely complete by the end of the first quarter of 2013.