Targa Resources Corp. laid out a leadership transition on July 25 that includes current president Matthew J. Meloy stepping into the CEO role at the Houston-based midstream company next year.

In the appointment, Meloy will succeed current CEO Joe Bob Perkins, who was the founding president of Targa and its predecessor companies from inception in 2003. Perkins has served as CEO since 2012.

“It has been an honor and a privilege to work with the tremendous Targa team over the past 16 years, building this remarkable industry-leading midstream company,” Perkins said in a statement on July 25.

Targa has grown since its formation in April 2003 with backing from Warburg Pincus. As a result of several acquisitions throughout its history, Targa today stands as one of the largest independent midstream energy companies in North America with more than 2,600 employees, according to Perkins.

“With our premier asset footprint, combined with our talented leadership team and employees, Targa is well-positioned for the long term,” he said.

As part of its leadership transition, Targa said Perkins will remain as a member of the management and become executive chairman of Targa’s board of directors. Meloy will also be elected to the Targa board.

James W. Whalen, current executive chairman, is set to retire from the Targa management team but continue to serve on the board following the changes, which won’t take effect until March 2020. Whalen has been a member of the Targa board of directors since the company’s inception.

Commenting on the Meloy’s appointment, Perkins said he quickly became an integral member of the Targa leadership team since joining the company in 2006.

“Matt is ready for and largely already performing his next role, and I look forward to continuing to work with him and the executive team as executive chairman,” Perkins said.

Perkins also thanked Whalen for his contributions since joining the Targa management team in 2005. “[Whalen] is a trusted friend and a wise business partner and adviser,” he added.

Since joining Targa, Meloy assumed progressive executive leadership responsibilities at the company including serving as CFO from October 2010 until March 2018 when he was named president.

In a statement, Meloy commented that he was excited about Targa’s future, in particular, with the startup of the company’s Grand Prix Pipeline on the horizon.

“Alongside our executive team, board of directors and employees, I am committed to continuing Targa’s success as a premier integrated energy infrastructure company,” he said.