- After almost nine years in the position
- Accolades, praise and thanks for Pate
- Will Monteleone taking over
- Pate said 65 words
(exechange) — Houston, Texas, February 27, 2024 — Bill Pate, chief executive of Par Pacific, leaves his position. As announced by Par Pacific Holdings Inc. in a news release on Tuesday, February 27, 2024, William (Bill) Pate leaves his post as chief executive officer at the energy company, after almost nine years in the role, effective as of the Company’s May 2024 shareholders’ meeting.
Bill Pate’s duties as CEO will be taken over by William (Will) Monteleone, currently President at Par Pacific Holdings Inc.
It is a generational change. Will Monteleone is about 20 years younger than Bill Pate.
No reason given
In the announcement, Par Pacific did not explicitly explain the reason for the move.
Precise information regarding Bill Pate’s future plans was not immediately available.
“Retire”
Par Pacific said: “William Pate will retire as Chief Executive Officer at the upcoming annual shareholders’ meeting after eight years as leader of the rapidly growing energy company.”
Share price increase since February 2019
The announcement follows an increase in Par Pacific Holdings Inc.’s share price of 148% since February 2019.
In the position of CEO since 2015
Bill Pate became CEO of the Company in 2015.
William Pate has served as the Company’s Chief Executive Officer since January 2023 and prior to that as the Company’s Chief Executive Officer and President since October 2015 and as a member of the Company’s Board of Directors since December 2014.
Pate was previously Co-President of EGI. Pate had been employed by EGI or its predecessors in various capacities since 1994.
Pate served as a director of Covanta Holdings Corporation from 1999 to 2016.
He was the Chairman of the Board of Directors of Covanta from October 2004 through September 2005.
Pate has previously served on the boards of directors of Exterran Holdings, Inc., Adams Respiratory Therapeutics, MiddleBrook Pharmaceuticals and CNA Surety Corp., as well as those of several private companies associated with EGI.
Earlier in his career, Pate was an investment professional at The First Boston Corporation and The Blackstone Group where he worked on private equity investments and merger advisory assignments. Pate received a Juris Doctorate degree cum laude from the University of Chicago Law School and a Bachelor of Arts degree magna cum laude from Harvard College.
65 words by Bill Pate
In the release announcing his departure as CEO of Par Pacific Holdings Inc., Bill Pate received accolades, praise and thanks.
In announcing his departure, Bill Pate said 65 words.
“Very capable hands”
Bill Pate stated: “There is no better way to leave Par Pacific than in the very capable hands of Will Monteleone with whom I worked closely in the development of our business and strategy. We are fortunate to have a deep bench of talented executives with a bright future ahead of us. I look forward to maintaining a role with the company as a board member and shareholder.”
The above text is an excerpt from the exechange report 10.2024 ($), publication date March 4, 2024.