Enterprise Products Partners L.P. (“Enterprise” NYSE:EPD) today announced that the board of directors of its general partner, Enterprise Products Holding LLC, has approved certain organization changes, including the election of a new Chairman of the Board of our general partner and the creation of an Office of the Chairman.
Randa Duncan Williams has been elected non-executive Chairman of the Board of the general partner. Ms. Williams succeeds Dr. Ralph S. Cunningham, who has served as Chairman since 2010. Ms. Williams has served as a director of Enterprise’s general partner since November 2010 upon the consummation of the merger of Enterprise and Enterprise GP Holdings L.P. Prior to the merger, she served as a director of the general partner of Enterprise GP Holdings from May 2007 through November 2010. She is the Chairman of privately-held Enterprise Products Company, which through its affiliates, owns Enterprise’s general partner and approximately 37 percent of the limited partner interests of Enterprise. Ms. Williams is one of three trustees of two separate voting trusts that control Enterprise Products Company and the parent of Enterprise’s general partner, respectively. Dr. Cunningham will continue to serve as a director of the board of the general partner and as a trustee of the two voting trusts.
The general partner has also formed an Office of the Chairman. This management group consists of Ms. Williams, as Chairman of the Board; Michael A. Creel, Chief Executive Officer of the general partner; and A.J. “Jim” Teague, Chief Operating Officer of the general partner. This group will provide oversight regarding the overall management of the general partner and Enterprise, including its strategic direction through commercial, organic growth and acquisition opportunities; management and business development; and practices to preserve Enterprise’s financial strength and flexibility. Mr. Creel and Mr. Teague will each report to the board of the general partner.
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