Houston pipeline operator Enterprise Products Partners has switched to a co-CEO leadership system, among other management changes.
In a statement released Thursday morning, the company’s board of directors announced that it made changes to the company’s executive team and elected a new slate of officers.
Enterprise Products Partners President and Chief Financial Officer Randy Fowler was promoted to serve alongside CEO Jim Teague as co-CEO. Teague is 74 and Fowler is 63. During a Thursday morning investors call, Teague said the decision was about combing complementary skill sets and diverse business backgrounds.
Teague will continue to focus on commercial, operations and engineering functions, while Fowler will remain chief financial officer and oversee the company’s finance, accounting, information technology and risk management functions.
“Let me tell you what this is not,” Teague said. “Enterprise has never been a job for me, it’s a calling. This is not a transition to Jim’s retirement. As far as I’m concerned, I’m not going anywhere. As good as I feel and as excited as I am about our future, I’m really not convinced that my runway is as long as Randy’s. Be that as it may, there’s no one I’d rather share this title with than a friend like Randy Fowler.”
In other leadership changes, company senior vice presidents Bob Sanders, Harry “Hap” Weitzel, Richard Boss and Christian Nelly were promoted to executive vice president roles.
Randa Duncan William, daughter of company founder Dan Duncan, will remain chairman of the board while Richard Bachmann will remain vice chairman.
The management changes followed release of Enterprise’s fourth-quarter and end-of-year financial statements showing it made a record $4.6 billion profit on $32.8 billion of revenue.
Founded in 1968 with a pair of propane delivery trucks, the Houston pipeline operator has more than 7,000 employees across the United States.
Touted as the largest exporter of crude oil and natural gas liquids in the United States, the company reported making a $4.2 billion profit on $36.5 billion of revenue in 2018.
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