DCP Midstream LLC and DCP Midstream Partners LP (NYSE:DPM) (“Partners”) today announced the following management and board changes effective Jan. 1, 2013:
- Tom O’Connor will retire as CEO of DCP Midstream LLC, but will remain as chairman of the board for both DCP Midstream LLC and DCP Midstream GP LLC, the general partner of Partners (“the General Partner”), until an appointed time in 2013.
- Wouter van Kempen, formerly chief operating officer and president of DCP Midstream LLC, will become CEO and president of DCP Midstream LLC and CEO of the General Partner.
- William Waldheim, president of the General Partner will join the General Partner’s board of directors and will continue to have the primary responsibility for the day to day operations of Partners.
- As previously announced, Mark Borer, CEO of the General Partner, retired on Dec. 31, 2012.
“In 2012, DCP Midstream’s board of directors extended Wouter’s responsibilities in acknowledgement of his tremendous track record of growing businesses and building value for customers and investors. The time is now right for Wouter to seize the baton to deliver on the next era of growth for the DCP enterprise as a whole. Once again, Wouter’s appointment underscores the overall management strength at DCP and the dedicated focus we have placed on succession planning. I’m proud of our discipline in preparing Wouter for this eventuality,” O’Connor said.
“It is a tremendous privilege to lead the DCP enterprise following Tom’s terrific stewardship. I am pleased Tom will be part of the transition over the next year through his board leadership in addition to his previous dedicated mentorship in preparing me for this succession. The DCP enterprise has been delivering on an ambitious slate of projects and has over $5 billion to $7 billion in growth projects identified to grow our footprint as a vertically integrated midstream company. Working with our talented senior leadership, we have been creative in introducing both midstream and downstream solutions for our customers and will continue to build much needed gas processing capacity and NGL infrastructure to meet the country’s energy needs. We will continue to balance growth with our unwavering emphasis on operational excellence and safety in all we do,” van Kempen said.
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