After closing the year with a record $4.6 billion profit, Houston-based midstream company Enterprise Products Partners LP is electing to adopt a co-CEO model.

In a Jan. 30 news release, Enterprise said the board of its general partner named current CFO W. Randall Fowler as co-CEO. In the new role, Fowler will serve alongside A. J. “Jim” Teague, who has headed the company since January 2016.

The adoption of the co-CEO model, which was effective immediately, is the result of a recommendation made by Teague, said Randa Duncan Williams, chairman of Enterprise’s general partner.

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