Plains All American Provides Details on Management Succession Plan and Transition Process
November 06 2017 - 4:10PM
Business Wire
Plains All American Pipeline, L.P. (NYSE: PAA) and Plains GP
Holdings (NYSE: PAGP) today provided details regarding its
management succession plan and transition process. Greg Armstrong
has informed the Board of Directors of his plans to retire as Chief
Executive Officer (CEO) at the end of 2018. Under the plan approved
by Plains’ Board, Willie Chiang, PAA’s current Executive Vice
President and Chief Operating Officer – U.S., will become CEO upon
Armstrong’s retirement and Armstrong will continue as non-executive
Chairman of the Board of Directors through December 2019, at which
time he will retire from the Board. Harry Pefanis will continue as
President and a Director.
Armstrong has been with PAA and its predecessor organizations
since 1981. “It has been an honor and a privilege to work at Plains
for over 36 years and to serve the last 25 years as CEO,” Armstrong
said. “PAA has grown significantly in both size and profitability
over that time period. Those accomplishments were made possible
through the commitment and solid performance of our employees
working together as a team and the unwavering support and
thoughtful guidance provided by our Board of Directors and key
financial partners. I consider myself very fortunate to have been a
part of this team.”
“The plans announced today reflect several years of thoughtful
preparation and succession planning, which we view as a process
versus an event at a point in time. Over the last two years,
Willie, Harry and I have been working together to ensure a seamless
transition. As the next step in this transition process, Willie’s
role as Chief Operating Officer will be expanded to cover both the
U.S. and Canada, and Harry will take on the newly created role of
Chief Commercial Officer. The succession process will continue over
the next year or so as the three of us work together to facilitate
a seamless transition. I am pleased that Willie will become our
next CEO, and I have every confidence that Willie, Harry and the
rest of PAA’s leadership team will continue to build upon PAA’s
success.”
Chiang joined PAA in 2015 as PAA’s Executive Vice President and
Chief Operating Officer – U.S., and was appointed to the Board of
Directors in February 2017. He has more than 30 years of energy
industry experience, having served in a number of executive
leadership roles within large, complex organizations like PAA.
Prior to joining PAA, Chiang held the positions of Executive Vice
President, Operations at Occidental Petroleum, and Senior Vice
President of Refining, Marketing, Transportation and Commercial for
ConocoPhillips.
“I am honored to be named as Greg’s successor,” Chiang said.
“Alongside our executive team, Board of Directors and employees, I
am committed to continuing PAA’s growth and success as a leading
midstream energy company.”
Plains All American Pipeline, L.P. is a publicly traded master
limited partnership that owns and operates midstream energy
infrastructure and provides logistics services for crude oil, NGLs,
natural gas and refined products. PAA owns an extensive network of
pipeline transportation, terminalling, storage and gathering assets
in key crude oil and NGL producing basins and transportation
corridors and at major market hubs in the United States and Canada.
On average, PAA handles over 5 million barrels per day of crude oil
and NGL in its Transportation segment. PAA is headquartered in
Houston, Texas. More information is available at
www.plainsallamerican.com.
Plains GP Holdings is a publicly traded entity that owns an
indirect, non-economic controlling general partner interest in PAA
and an indirect limited partner interest in PAA, one of the largest
energy infrastructure and logistics companies in North America.
PAGP is headquartered in Houston, Texas. More information is
available at www.plainsallamerican.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20171106006372/en/
Plains All American Pipeline, L.P. and Plains GP HoldingsBrett
Magill, (866) 809-1291Manager, Investor RelationsorBrad Leone,
(866) 809-1290Director, Communications
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