- After about five and a half years in the position
- Praise and thanks for Karam
- Diana Charletta taking over
- Karam will remain as executive chairman at Equitrans
- Karam said 108 words
(exechange) — Canonsburg, Pennsylvania, September 7, 2023 — Tom Karam, chief executive of Equitrans, leaves his position. As announced by Equitrans Midstream Corp. in a news release and in a regulatory filing published on Thursday, September 7, 2023, Thomas F. (Tom) Karam leaves his post as chief executive officer at the pipeline operator, after about five and a half years in the role, effective January 1, 2024.
Tom Karam’s duties as CEO will be taken over by Diana M. Charletta, currently president and chief operating officer at Equitrans Midstream Corp.
“This is the right time”
The planned management change is explained as follows. Karam stated: “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.”
Karam will remain as executive chairman at Equitrans
Equitrans stated: “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.”
Share price decline since November 2018
The announcement follows a decline in Equitrans Midstream Corp.’s share price of 52% since November 2018.
In the position of CEO since 2018
Tom Karam became CEO of the Company in 2018.
Karam was appointed Chairman of the Board of Directors and Chief Executive Officer of Equitrans Midstream in July 2019.
Prior to that, Karam served as President and Chief Executive Officer of Equitrans Midstream since September 2018 and a member of the Board of Equitrans Midstream since November 2018.
Prior to Equitrans Midstream, he served as Senior Vice President, EQT Corporation and President, Midstream from August 2018 until the Separation in November 2018.
Karam also served as the Chairman and Chief Executive Officer of EQM’s general partner from July 2019 until the closing of the EQM Merger, and previously served as Chairman, President and Chief Executive Officer, from October 2018 to July 2019, and as President, Chief Executive Officer and director, from August 2018 to October 2018.
In addition, Karam served as Chairman, President and Chief Executive Officer of EQGP’s general partner from October 2018 through the closing of the Company’s acquisition of the outstanding public common units of EQGP in January 2019, as well as President, Chief Executive Officer and director from August 2018 to October 2018.
Karam served on EQT’s board of directors from November 2017 until the Separation. Karam was the founder and served as Chairman of Karbon Partners, LLC, which invests in, owns, constructs and operates midstream energy assets, from April 2017 to August 2018.
Karam was the founder and previously served as Chairman and Chief Executive Officer of PennTex Midstream Partners, LP, a publicly traded master limited partnership with operations in North Louisiana and the Permian Basin (PennTex), from 2014 until the sale of its general partner to Energy Transfer Partners in 2016.
108 words by Tom Karam
In the release announcing his departure as CEO of Equitrans Midstream Corp., Tom Karam received praise and thanks.
In announcing his departure, Tom Karam said 108 words.
“Persevering through challenges”
Tom Karam stated: “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. 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.”
Push-out Score for Tom Karam’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Tom Karam was pushed out or felt pressure to leave his position.
exechange reached out to Equitrans and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 37.2023 ($).