- Push-out Score determined
- After about eight years in the position
- Praise for Perkins
- Matt Meloy taking over
- Perkins will remain as Executive Chairman at Targa
- Perkins made a lengthy statement and said 211 words
(exechange) — Houston, Texas, July 25, 2019 — Joe Bob Perkins, chief executive of Targa, leaves his post. His departure is made public at an early stage. As announced by Targa Resources Corp. in a news release on Thursday, July 25, 2019, Joe Bob Perkins leaves his post as Chief Executive Officer at the pipeline operator after about eight years in the role, effective March 1, 2020.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 7.6 years, according to data compiled by exechange.
Joe Bob Perkins’s duties as CEO will be taken over by Matthew J. (Matt) Meloy, currently President of Targa Resources Corp.
“Succession planning”
Joe Bob Perkins’s departure from the CEO post is explained as follows. Targa said: “Targa Resources Corp. … announced updates today regarding management succession planning and transition. … The changes announced today continue the succession and transition in leadership contemplated under Targa’s ongoing management succession plan developed with and approved by Targa’s Board of Directors.”
Perkins will remain as Executive Chairman at Targa
“Joe Bob Perkins, current Chief Executive Officer, will remain as a member of the management team and will become Executive Chairman of the Board of Directors,” Targa said.
Share price increase since January 2019
The announcement follows an increase in Targa Resources Corp.’s share price of 10% since January 2019.
Chaired by James W. Whalen
Targa Resources Corp. is chaired by James W. Whalen.
James W. Whalen has served as Executive Chairman of the Board of the Company and the General Partner since January 1, 2015.
In the position of CEO since 2012
Joe Bob Perkins became CEO of the company in January 2012.
Perkins was the founding President of Targa and its predecessor companies from inception in 2003 and has served as Chief Executive Officer since 2012.
Joe Bob Perkins has served as Chief Executive Officer and director of the Company and the general partner (the “General Partner”) of Targa Resources Partners LP (the “Partnership”) since January 1, 2012.
Perkins previously served as President of the Company between the date of its formation on October 27, 2005 and December 31, 2011 and of the General Partner between October 2006 and December 31, 2011.
He also served as President of predecessor companies from 2003 through 2005.
Perkins was an independent consultant in the energy industry from 2002 through 2003 and was an active partner in an outdoor advertising firm during a portion of such time period.
Perkins served as President and Chief Operating Officer for the Wholesale Businesses, Wholesale Group and Power Generation Group of Reliant Resources, Inc. and its parent/predecessor companies, from 1998 to 2002 and Vice President, Corporate Planning and Development, of Houston Industries from 1996 to 1998.
He served as Vice President, Business Development, of Coral Energy Holding, L.P. (“Coral”) from 1995 to 1996 and as Director, Business Development, of Tejas Gas Corporation (“Tejas”) from 1994 to 1995.
Prior to 1994, Perkins held various positions with the consulting firm of McKinsey & Company and with an exploration and production company.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Targa and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 30.2019 ($).