Monday, energy company El Paso Corp. (EP) revealed its reentry and formation of a new midstream business unit, as well as changes in its executive committee, including a new Chief Financial Officer.
Mark Leland, who is currently the Chief Financial Officer, has been named President of the Midstream Group and would be responsible for the newly created midstream business unit. John Sult, currently Chief Accounting Officer, would replace Leland as the Chief Financial Officer.
The company also announced the appointment of Dane Whitehead as Senior Vice President of Strategy and Enterprise Business Development. Whitehead would be responsible for strategy and market analysis, acquisitions and divestitures, planning, investor and media relations and risk management.
Sult would assume the role of Chief Financial Officer upon the filing of Form 10-Q on September 30th. The other executives assuming new roles will transition out of their current roles by the year end.
James Yardley will continue as President of the Pipeline Group, Brent Smolik will continue as President of El Paso Exploration and Production Company, James Cleary will continue as President of Western Pipelines, and Robert Baker will continue as Executive Vice-President and General Counsel.
With the exception of Cleary, these executives will report to Doug Foshee, chief executive officer of El Paso.
Foshee said, "The North American natural gas industry is undergoing a period of rapid evolution, presenting new opportunities for synergies among our existing Pipeline and E&P businesses and a midstream unit. We intend to reenter the midstream business at a measured pace."
EP closed Monday's regular trading at $11.27, up $0.18 or 1.62%, on a volume of 8.26 million shares on the New York Stock Exchange.
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