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SemGroup® Corporation and Rose Rock Midstream, L.P. have reported that Norman J. Szydlowski, who has served as the company's chief executive officer since November 2009, will retire once a successor is named and in place.
Additionally, at that time, Szydlowski will retire from his position as chief executive officer of Rose Rock Midstream. He will continue to serve in his current capacities to ensure an orderly transition.
SemGroup's board of directors has initiated a comprehensive search process to identify a successor, considering both internal and external candidates. The company has retained Russell Reynolds Associates, a leading executive recruiting firm, to assist in the process, and Szydlowski will work with the board to help identify his successor.
John F. Chlebowski Jr., chairman of the board of SemGroup, said, "On behalf of the board and everyone at SemGroup, I want to thank Norm for his strong leadership and countless contributions to our company. Among many other notable accomplishments, Norm helped SemGroup establish a solid financial foundation following the restructuring of SemGroup, L.P. and cultivated the broad and talented management team that led the company through its successful listing on the New York Stock Exchange in 2010. He also played a key role in the launch of Rose Rock Midstream as a publicly traded MLP in 2011, and more recently, in the initiation of a quarterly dividend to return capital to SemGroup stockholders. In addition, SemGroup has continued to grow under Norm's leadership, as evidenced by our recent acquisition of Mississippi Lime gas gathering and processing assets from Chesapeake Energy Corporation, and Rose Rock Midstream's recent announcement of an agreement to acquire transportation assets from Barcas Field Services. We are pleased with SemGroup's momentum and the strength of the company, and I am confident that we will continue to build on our track record of growth, success, and shareholder value creation.
"Norm's planned retirement is well-deserved, and his willingness to continue in his current roles while the search process is underway will help facilitate a seamless transition of leadership. I look forward to working with him and the rest of the board to identify the right successor to continue the success that the management team at SemGroup and Rose Rock have accomplished."
Szydlowski stated, "Over the past several years, it has been my privilege to work with the exceptionally talented and hard-working employees of SemGroup and Rose Rock. Together, we have grown our business and strengthened our position in the midstream industry, and I am extremely proud of all we have accomplished. Working together, we have achieved my key objectives and today both companies are well-positioned for more success, so I believe now is the right time to transition to new leadership. I am confident that the board will select an outstanding leader who will continue to grow SemGroup and Rose Rock."