Monday morning, Enterprise Products Partners L.P. (EPD) announced resignation of Robert Phillips as director, president and chief executive officer of its general partner, Enterprise Products GP, LLC, effective June 30, 2007.
The company said board of directors of its general partner has unanimously elected Dr. Ralph Cunningham as interim president and chief executive officer in addition to his role as a director of the general partner effective June 30, 2007.
Dr. Cunningham has served as group executive vice president and chief operating officer of the general partner since December 2005. He retired in 1997 from CITGO Petroleum Corporation, where he had served as president and chief executive officer since 1995, and before then he held senior management positions at Huntsman Corporation, Texaco Chemical, Clark Oil & Refining and Tenneco. He previously served as a director of the general partner of Enterprise Products Partners L.P. from 1998 until March 2005, and of EPCO, Inc. from 1987 to 1997.
Enterprise Products Partners L.P. provides midstream energy services to producers and consumers of natural gas, natural gas liquids and crude oil in North America and is managed by its general partner, Enterprise Products GP, LLC, which is wholly owned by Enterprise GP Holdings L.P. (EPE), a publicly traded GP partnership.
EPD closed Friday's regular trading session at $31.20 and EPE at $37.55.
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