04.05.2005 14:12:00
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Kinder Morgan Names Park Shaper President, Steve Kean Joins Office of
HOUSTON, May 4 /PRNewswire-FirstCall/ -- Kinder Morgan, Inc. , Kinder Morgan Energy Partners, L.P. and Kinder Morgan Management, LLC today announced that their respective boards of directors have named Park Shaper president and Steve Kean executive vice president, operations, and a member of the Office of the Chairman. Kean joins Shaper and Chairman and CEO Richard D. Kinder in the company's Office of the Chairman. Kinder will continue in his day-to-day responsibilities of overseeing all three companies.
Kinder noted that Shaper and Kean will provide invaluable input as the company continues to grow, while maintaining its financial discipline and striving for operational excellence. "As CFO and a member of the Office of the Chairman, Park Shaper has been (and will continue to be) an integral contributor in developing and executing the company's vision, which includes providing transparent financial reporting and communication to the investment community," Kinder said. "As president of the Texas Intrastate Pipeline Group at KMP, Steve Kean successfully merged the Tejas and Kinder Morgan Texas natural gas pipeline systems and his intrastate group has consistently outperformed its published budget targets. We are delighted to expand the breadth of our corporate leadership by adding Steve's operational expertise to the Office of the Chairman."
In other key organizational announcements, Natural Gas Pipelines President Deb Macdonald plans to retire from full-time activities in the summer of 2006. She will step down from her current position in October 2005, but stay on full-time to help ensure a smooth transition until July 2006, at which time she will continue to be available to the company as a consultant for at least two years. "Deb is one of the brightest and most respected executives in the natural gas pipeline industry," Kinder said. "We regret that she will be retiring, but we are pleased that we will still have the benefit of her expertise for at least a few more years."
Scott Parker, currently president of Natural Gas Pipeline Company of America (NGPL), will replace Macdonald as president of Natural Gas Pipelines in October 2005. Dave Devine, currently vice president of financial planning for Natural Gas Pipelines, will replace Parker as president of NGPL. He will be supported by Mark Kissel, NGPL's long-time vice president of sales and marketing. NGPL, the largest transporter of natural gas into the high-demand Chicago market, is a KMI asset.
Tom Martin, currently vice president of asset optimization for the intrastate pipelines, will replace Kean as president of the Texas Intrastate Pipeline Group, which operates in one of the most competitive natural gas markets in the country. Texas ranks first in both production and consumption of natural gas in the United States.
Additionally, Kim Allen, currently vice president of investor relations and treasurer, has been named CFO and will continue managing investor relations. David Kinder, who oversees the company's acquisitions (Kinder Morgan has made more than 40 acquisitions totaling over $7 billion since 1997), has been named treasurer and will retain his position as vice president
of corporate development. Allen, Kinder and Parker will report directly to the Office of the Chairman.
Kinder Morgan, Inc. is one of the largest energy transportation and storage companies in America, operating more than 35,000 miles of natural gas and products pipelines and approximately 135 terminals. Kinder Morgan, Inc. owns the general partner interest of Kinder Morgan Energy Partners, L.P., one of the largest publicly traded pipeline limited partnerships in the United States in terms of market capitalization. Combined, the two companies have an enterprise value of approximately $27 billion.
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Although Kinder Morgan believes that its expectations are based on reasonable assumptions, it can give no assurance that such assumptions will materialize. Important factors that could cause actual results to differ materially from those in the forward-looking statements herein are enumerated in Kinder Morgan's Forms 10-K and 10-Q as filed with the Securities and Exchange Commission.
Morgan Management, LLC
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