EQT Corp. (NYSE: EQT) said Oct. 27 Steven T. Schlotterbeck, currently president, will become CEO early next year.
Schlotterbeck will succeed David L. Porges when he retires as CEO in the first quarter of 2017 after holding that position since April 2010. Porges will remain as chairman of EQT's board for one year following retirement.
For the past several years, Porges concentrated his endeavors on EQT’s financial strategy—creating two new public entities, EQT Midstream Partners LP (NYSE: EQM) and EQT GP Holdings LP (NYSE: EQGP). He also led the company during several transactions, including asset dropdowns, selling noncore assets and acquisitions.
“Given my financial background, it was probably a decent fit for me to lead EQT during a period of financial restructuring," Porges said in a statement. "We are now entering the next phase of EQT’s strategy that will focus on enhancing our position as an industry leader in the drilling, production and transportation of natural gas, as well as maintaining our strong financial platform and leading cost structure.”
Porges retirement also includes from his position as CEO of EQT Midstream and EQT GP Holdings. Schlotterbeck will become CEO of both of those companies as well.
"I am humbled by the opportunity to lead EQT’s outstanding group of hardworking, innovative employees as we enter a new chapter in our company’s successful history," Schlotterbeck said in a statement. "With our unique business model, I am confident that the combination of our outstanding upstream and midstream assets, together with strong financial management and operational nimbleness will enable us to continue creating and delivering value to our shareholders."
In December 2015, Schlotterbeck was named president of EQT Corp., while also serving as president of E&P. Before that, he was appointed executive vice president of EQT in 2013.
Schlotterbeck joined EQT in 2000, holding various engineering and management positions until 2008, when he was promoted to the positions of vice president of EQT and president of production. He has also been a member of the board for EQT GP Holdings since its formation in 2015.
Porges joined EQT in 1998 as senior vice president and CFO, and was promoted to executive vice president in 2000. In 2005, he was named vice chairman and executive vice president of finance and administration. He was later promoted to president and COO in 2007 before becoming CEO in 2010.
Porges has been a member of EQT's board since 2002 and was named board chairman in 2011.
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