Billionaire Kinder Morgan Inc. (KMI) founder Richard Kinder intends to turn over the CEO reins to his No. 2, shedding day-to-day duties at the world’s biggest pipeline company by market value.
COO Steven J. Kean said he will be named CEO to succeed Kinder, a founding partner who has led the company for 15 years. Kinder will continue as executive chairman, Kean said at an industry conference in New York sponsored by Wells Fargo Securities.
The board still must approve the transition, and no timeline has been set.
“He’s not selling a single share of stock,” Kean said. “As executive chairman, he’ll be involved in absolutely every critical decision that we make—acquiring companies, investing in new expansion projects.”
Kinder Morgan became the fourth-largest U.S. energy company by market value after buying out three publicly traded affiliates in deals valued at $50.3 billion that closed in November. It transports natural gas, crude oil and refined fuels such as diesel and gasoline.
Kinder expects to delegate daily operations to Kean and CFO Kim Dang, according to Kean. The plan is subject to Kinder Morgan board approval, spokesman Richard Wheatley said in an emailed response to questions. The company will make an official announcement after the board considers the matter, he said.
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