Billionaire Kinder Morgan Inc. (NYSE: KMI) founder Richard Kinder intends to turn over the CEO reins to his No. 2, shedding day-to-day duties at the world’s biggest pipeline company by market value.
COO Steven J. Kean said he will be named CEO to succeed Kinder, a founding partner who has led the company for 15 years. Kinder will continue as executive chairman, Kean said at an industry conference in New York sponsored by Wells Fargo Securities on Dec. 10.
The board still must approve the transition, and no timeline has been set.
“He’s not selling a single share of stock,” Kean said. “As executive chairman, he’ll be involved in absolutely every critical decision that we make—acquiring companies, investing in new expansion projects.”
Kinder Morgan became the fourth-largest U.S. energy company by market value after buying out three publicly traded affiliates in deals valued at $50.3 billion that closed in November. It transports natural gas, crude oil and refined fuels such as diesel and gasoline.
Kinder expects to delegate daily operations to Kean and CFO Kim Dang, according to Kean. The plan is subject to Kinder Morgan board approval, spokesman Richard Wheatley said in an emailed response to questions. The company will make an official announcement after the board considers the matter, he said.
Recommended Reading
CEO: EQT Positioned to Meet Demand of Power-guzzling AI Data Centers
2024-04-01 - EQT Corp.’s Toby Rice said demand for AI could exceed the power demand required to meet U.S. residential demand and jump 20% by 2030, in this Hart Energy Exclusive interview.
‘Monster’ Gas: Aethon’s 16,000-foot Dive in Haynesville West
2024-04-09 - Aethon Energy’s COO described challenges in the far western Haynesville stepout, while other operators opened their books on the latest in the legacy Haynesville at Hart Energy’s DUG GAS+ Conference and Expo in Shreveport, Louisiana.