Equitrans Midstream Corp.’s Thomas F. Karam is stepping down as CEO and assuming a new position as the company’s executive chairman, the company announced in a Sept. 7 press release.

Diana M. Charletta, the current Equitrans president and COO, will succeed Karam as the company’s new CEO.

Effective Jan. 1, 2024, Karam and Charletta will continue on the company’s board of directors following their new appointments.

Equitrans Midstream is nearing the completion of its Mountain Valley Pipeline project, slated for the end of 2023, after years of permitting issues froze development. With the long-awaited project coming to a close, the company is entering a new phase and believes it is the right time to execute a “long-planned leadership succession strategy,” Karam said in the release.

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“As we prepare for MVP in-service, I am also eager to explore the opportunities that the new takeaway capacity is positioned to present,” Charletta said. “We will work to continue to provide innovative solutions for our customers, to further optimize our assets and improve capital efficiency and to operate safely and responsibly, all with a focus on driving meaningful value for Equitrans."

Karam served as Equitrans’ CEO since September 2018 and chairman of the board since July 2019. At the same time, Charletta was appointed chief operating officer in September 2018 and president in July 2019. She was appointed to the board in April 2022.

“In the face of unprecedented challenges to the MVP project, it was [Karam’s] ability to navigate the legal, operational and legislative labyrinth, which ultimately resulted in the inclusion of MVP in the Fiscal Responsibility Act of 2023,” said Robert F. Vagt, Equitrans’ lead independent director. “During this same period, [Charletta] continued to prove herself an exceptional leader, combining her operational expertise with strategic corporate vision. Going forward, we are both pleased and very proud to have Diana leading Equitrans and grateful for Tom's continuing support as executive chairman."