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Enterprise Products Partners L.P. reported that Michael A. Creel, chief executive officer of Enterprise’s general partner, has announced his intention to retire as of December 31, 2015. A.J. "Jim" Teague, Enterprise’s chief operating officer, has been elected to succeed Mr. Creel as chief executive officer upon Mr. Creel’s retirement at the end of 2015.
Randa Duncan Williams, non-executive chairman of Enterprise’s general partner, commented: "Mike Creel has been an important member of Enterprise’s management team and our success. I would like to thank him for his sixteen years of leadership and contributions. Over the next nine months, in addition to his normal duties, Mike will be actively involved in transition activities as we prepare for his retirement.
"I am pleased to announce that Jim Teague will succeed Mike. Jim has also been integral to our success. His commercial experience in both the midstream and petrochemical industries is without peer. I look forward to working with Jim as we execute Enterprise’s current set of growth projects and pursue new opportunities."
Mr. Teague has served as a director of Enterprise’s general partner since 2008 and as chief operating officer since 2010. Mr. Teague joined Enterprise in 1999. He is a retiree of The Dow Chemical Company following a 23-year career. Mr. Teague has 40 years of experience in the midstream and petrochemical industries.
The board of directors of Enterprise’s general partner has elected to expand the office of the chairman effective April 1, 2015. Currently, the office of the chairman is comprised of Ms. Williams serving as non-executive chairman, Mr. Creel serving as chief executive officer and Mr. Teague serving as chief operating officer. The board has elected to add the role of chief administrative officer to the office of the chairman.
W. Randall Fowler has been elected to the role of chief administrative officer effective as of April 1, 2015. Mr. Fowler has served as a director of Enterprise’s general partner since 2011 and as Enterprise’s executive vice president and chief financial officer since 2007. He joined Enterprise in 1999, shortly after Enterprise’s initial public offering. Mr. Fowler, a certified public accountant (inactive), has 35 years of finance and accounting experience in various sectors of the energy industry.
Upon Mr. Creel’s retirement, the office of the chairman will be comprised of Ms. Williams as non-executive chairman, Mr. Teague as chief executive officer and Mr. Fowler as chief administrative officer.
Bryan F. Bulawa has been elected senior vice president and chief financial officer effective as of April 1, 2015. Mr. Bulawa has served as Enterprise’s senior vice president and treasurer since 2009. He joined Enterprise as vice president and treasurer in 2007. Prior to joining Enterprise, Mr. Bulawa spent thirteen years in the corporate and investment banking energy division of Scotia Capital engaged in client coverage, corporate finance, project finance advisory, bank and institutional loan syndications. Mr. Bulawa will continue to report to Mr. Fowler.
Christian M. “Chris” Nelly has been elected vice president and treasurer effective as of April 1, 2015. Mr. Nelly has served Enterprise as senior director of finance since 2011. He joined Enterprise in 2008 as director, finance. Prior to joining Enterprise, Mr. Nelly served in various roles of increasing responsibility in the financial services sector, including roles with Societe Generale and Scotia Capital, associated with financing and merger and acquisition activities for clients in various sectors of the energy industry. Mr. Nelly will continue to report to Mr. Bulawa.