Diana M. Charletta Appointed Chief Executive
Officer
Thomas F. Karam Appointed Executive
Chairman
Equitrans Midstream Corporation (NYSE: ETRN), today, announced
that Thomas F. Karam will step down from his role as chief
executive officer of Equitrans Midstream (Equitrans or Company) to
become the Company's executive chairman; and Diana M. Charletta,
currently president and chief operating officer of Equitrans, will
succeed Mr. Karam as Equitrans' newly appointed chief executive
officer. The executive appointments are effective January 1, 2024,
and both Mr. Karam and Ms. Charletta will continue to serve as
members of the Equitrans Board of Directors following the
leadership transition.
"Nearly five years ago, Equitrans Midstream was launched as an
independent, publicly traded company, and, since the beginning, we
have been steadfast and resilient, persevering through challenges
that many had thought were insurmountable," said Mr. Karam. "We are
targeting completion of the Mountain Valley Pipeline project by
year-end and believe this is the right time to execute on our
long-planned leadership succession strategy. Equitrans has a long
history, a comprehensive asset footprint across the Appalachian
Basin, and a very bright future. With deep-rooted operational
experience, Diana is a respected leader among her peers and across
the organization, and I am confident in her ability to successfully
execute on our strategic priorities."
"I am proud to lead the organization into its next chapter and
excited for the opportunity to guide the remarkable people who have
established a culture that is committed to safety, environmental
stewardship, operational excellence, and integrity,” said Ms.
Charletta. “As we prepare for MVP in-service, I am also eager to
explore the opportunities that the new takeaway capacity is
positioned to present. We will work to continue to provide
innovative solutions for our customers, to further optimize our
assets and improve capital efficiency, and to operate safely and
responsibly, all with a focus on driving meaningful value for
Equitrans."
"On behalf of the Board of Directors, I thank Tom for the
leadership that only someone with his experience, expertise, and
determination could have provided during the course of the past
five years," said Robert F. Vagt, Equitrans' lead independent
director. "In particular, and in the face of unprecedented
challenges to the MVP project, it was his ability to navigate the
legal, operational, and legislative labyrinth, which ultimately
resulted in the inclusion of MVP in the Fiscal Responsibility Act
of 2023. During this same period, Diana continued to prove herself
an exceptional leader, combining her operational expertise with
strategic corporate vision. Going forward, we are both pleased and
very proud to have Diana leading Equitrans and grateful for Tom's
continuing support as executive chairman."
Mr. Karam has served as the Company's chief executive officer
since September 2018 and was appointed chairman of the Board in
July 2019. Ms. Charletta has served as Equitrans' chief operating
officer since September 2018, was appointed president and chief
operating officer in July 2019, and was appointed to the Board in
April 2022.
About Equitrans Midstream Corporation
Equitrans Midstream Corporation has a premier asset footprint in
the Appalachian Basin and, as the parent company of EQM Midstream
Partners, is one of the largest natural gas gatherers in the United
States. Through its strategically located infrastructure assets in
the Marcellus and Utica regions, Equitrans has an operational focus
on gas transmission and storage systems, gas gathering systems, and
water services that support natural gas development and production
across the Basin. With a rich 140-year history in the energy
industry, Equitrans was launched as a standalone company in 2018
with a vision to be the premier midstream services provider in
North America. While working to meet America's growing need for
clean-burning energy, Equitrans is proud of its environmental,
social, and governance (ESG) practices, striving every day to
preserve and protect the environment, provide an engaging workplace
for its employees, support and enrich its local communities, and to
deliver sustained value for customers and shareholders. Visit
www.equitransmidstream.com; and to learn more about our ESG
practices visit Equitrans Sustainability Reporting.
Cautionary Statements
Disclosures in this news release contain certain forward-looking
statements within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended, and Section 27A of the Securities
Act of 1933, as amended. Statements that do not relate strictly to
historical or current facts are forward-looking. Words such as
"anticipate," "estimate," "could," "would," "will," "may,"
"assume," "aspire," "design," "potential," "focused," "forecast,"
"approximate," "opportunity," "objective," "expect," "project,"
"intend," "plan," "aim," "believe," "target," "outlook," "seek,"
"strive," "view," "continue," "goal," "guidance," "strategy,"
"scheduled," "position," "pursue," "predict," "budget" and similar
expressions are used to identify forward-looking statements. These
statements are subject to various risks and uncertainties, many of
which are outside the Company’s control. Without limiting the
generality of the foregoing, forward-looking statements contained
in this news release specifically include the ability of the
Company to complete and bring into service the MVP, and timing for
doing so; characterizations regarding Equitrans’ future; the
ability to execute on and realize Equitrans’ vision; and the scope
of opportunities that ultimately may be identified and/or realized
with new MVP takeaway capacity. These statements involve risks and
uncertainties that could cause actual results to differ materially
from projected results.
Accordingly, investors should not place undue reliance on
forward-looking statements as a prediction of actual results. The
Company has based these forward-looking statements on current
expectations and assumptions about future events. While the Company
considers these expectations and assumptions to be reasonable, they
are inherently subject to significant business, economic,
competitive, regulatory, judicial, construction and other risks and
uncertainties, many of which are difficult to predict and are
beyond the Company’s control. The risks and uncertainties that may
affect the operations, performance and results of the Company’s
business and forward-looking statements include, but are not
limited to, those set forth in the Company’s publicly filed reports
with the Securities and Exchange Commission (the SEC), including
those set forth under Item 1A, “Risk Factors” of the Company’s
Annual Report on Form 10-K for the year ended December 31, 2022,
filed with the SEC, as updated by the Company’s subsequent filings.
Any forward-looking statement speaks only as of the date on which
such statement is made, and the Company does not intend to correct
or update any forward-looking statement, unless required by
securities laws, whether as a result of new information, future
events or otherwise. As forward-looking statements involve
significant risks and uncertainties, caution should be exercised
against placing undue reliance on such statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20230907207542/en/
Analyst inquiries: Nate Tetlow – Vice President,
Corporate Development and Investor Relations 412-553-5834
ntetlow@equitransmidstream.com
Media inquiries: Natalie Cox – Vice President,
Communications and Corporate Affairs 412-395-3941
ncox@equitransmidstream.com
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