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DCP Midstream GP, LLC, the general partner of DCP Midstream Partners, LP (NYSE: DPM), or the “General Partner,” today announced that CEO and president Mark Borer informed the board of directors of his plans to retire as CEO and from the board of directors of the General Partner at the end of 2012. The board of directors of the General Partner has appointed Bill Waldheim to the position of president of the General Partner effective September 1, 2012. Mr. Borer will continue as CEO and as a director on the General Partners’ board of directors through December 31, 2012. In addition, Mr. Borer will continue in an advisory role through March 2013 to further ensure a smooth transition.
Bill Waldheim is currently the president of the natural gas liquids, gas, and crude oil logistics business unit for DCP Midstream, LLC, a position he has held since 2011. Prior to that time, Mr. Waldheim was president of DCP Midstream, LLC’s northern business unit since 2009 and was responsible for executive management of commercial and operations of assets in the Midcontinent, Rocky Mountain, Michigan and Gulf Coast regions as well as being responsible for downstream marketing of gas, NGLs and condensate. Prior to that time, Mr. Waldheim served in a variety of commercial and operational executive management positions for DCP Midstream, LLC since 1999. Prior to joining DCP Midstream, LLC, Mr. Waldheim served in a number of executive management positions with Union Pacific Fuels, Inc.
Mr. Waldheim, age 56, graduated from the University of Arizona with a bachelor’s degree in business and public administration, with a major in accounting. In addition, Mr. Waldheim is a graduate from Harvard’s Advanced Management Program. Mr. Waldheim has over 30 years’ experience in the energy industry where he has previously served on the boards of various industry groups such as the National Propane Gas Association and the Propane Education & Research Council. He also serves on the Board of Directors for the Rocky Mountain Chapter of Junior Achievement.