The Chairman of Blueknight Energy Partners’ Board of Directors, Duke Ligon, today announced the planned retirement of the company’s Chief Executive Officer (CEO), James C. Dyer, IV.
Dyer, a Vitol employee and member of Blueknight’s Board of Directors, was appointed CEO of Blueknight Energy Partners, L.P. (“BKEP”) (NASDAQ: BKEP) (NASDAQ: BKEPP) in December 2009. He informed the Board on January 6, 2012, of his intended retirement, which will be effective upon the Board appointing a new CEO.
Dyer will remain with Vitol as Vice President and Director of Business Development, and will direct Vitol’s growing interests in West Texas. At the request of the Blueknight Board, he has agreed to continue as CEO until his successor assumes responsibilities. The Partnership has engaged a national executive search firm to assist the Board of Directors in selecting a new Chief Executive Officer.
Mr. Duke Ligon, Chairman of the Board of Directors of BKEP’s general partner, stated, “On behalf of the Board of Directors, we thank James for his steady leadership during a time of transition for Blueknight. As a result, Blueknight is well-positioned financially and operationally for growth in the coming years due in large measure to the involvement and investments of our general partners, Vitol and Charlesbank. We will continue to make building unitholder value and serving our customers our top priorities.”
Mr. Dyer commented, “I have been fortunate to work with an immensely dedicated, professional and creative team at Blueknight. The team has consistently demonstrated remarkable talent and solid judgment the past three years. We accomplished a complex multi-phase financial and operational restructuring of the Partnership, culminating with an overwhelmingly favorable common unitholder vote in September. I have complete confidence in the Board and Blueknight’s management team, and believe we have everything in place to grow the business. The timing is right for both the partnership and me to step down.”