The natural gas storage and transportation company announced on Friday that it will replace Welch. Energy Transfer Partners (ETP)CFO Thomas Long will take Welch's place, the company said in an SEC filing. ETP is Energy Transfer Equity's sister organization.
Energy Transfer stock fell to its lowest level since 2009 after the announcement, Bloomberg reports.
"The replacement of Mr. Welch as Chief Financial Officer of the Partnership was not based on any disagreement with respect to any accounting or financial matter involving the Partnership or any of its affiliates," the company said in an SEC filing on Monday.
Energy Transfer Equity is currently in discussions with Welch regarding a consulting arrangement, the company added.
So far today, 44.26 million shares of Energy Transfer Equity have traded, versus its 30-day average of 28.85 million shares.
Separately, recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rates this stock as a "hold" with a ratings score of C. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and poor profit margins.
You can view the full analysis from the report here: ETE