- Significant signs for push-out forces
- After almost seven years on the job
- Porges will remain as Chairman
(management-change.com) — Pittsburgh, Pennsylvania, October 27, 2016 — Dave Porges, chief executive of EQT, hands over the reins. As announced by EQT Corporation in a news release and in a regulatory filing published on Thursday, October 27, 2016, David L. (Dave) Porges leaves the post as Chief Executive Officer at the energy company after almost seven years on the job, effective in the first quarter of 2017, following the filing of the Company’s 10-K.
Porges’ duties are taken over by Steve Schlotterbeck, currently President at EQT Corporation.
“Next phase of EQT’s strategy”
Porges’ departure is explained as follows. Porges said: “Given my financial background, it was probably a decent fit for me to lead EQT during a period of financial restructuring. We are now entering the next phase of EQT’s strategy that will focus on enhancing our position as an industry leader in the drilling, production and transportation of natural gas, as well as maintaining our strong financial platform and leading cost structure. Fortunately, EQT has the right person in Steve Schlotterbeck to lead the Company through the next chapter of its continued and successful evolution.”
“Seamless succession plan”
Porges further said: “The EQT Board of Directors and I have established a seamless succession plan, which has gone very smoothly thanks in large part to the way in which Steve has steadily embraced increasing levels of responsibility at EQT.”
Porges, Chief Executive Officer (CEO) and Chairman of the Board, will retire from his duties as CEO in the first quarter of 2017, following the filing of the Company’s Form 10-K.
Porges notified the Company of his intent to retire on October 24, 2016.
Porges will remain as Chairman at EQT
Porges will remain as Chairman of EQT’s Board of Directors for one year following his retirement as CEO.
Share price decline
The change follows a decline in the share price of EQT Corporation since June 2014.
On the job as CEO since 2010
Porges has served as EQT Corporation’s CEO since April 2010.
For the past several years, Porges concentrated his endeavors on EQT’s financial strategy — with a focus on creating and driving additional value.
Two new public entities were created, EQT Midstream Partners and EQT GP Holdings; several transactions were initiated, including asset dropdowns, the selling of non-core assets and acquiring of assets within EQT’s core business operations; and the midstream infrastructure platform was bolstered through organic growth projects.
Porges joined EQT Corporation in 1998 as Senior Vice President and Chief Financial Officer.
He was promoted to Executive Vice President in 2000, and elected to the EQT Board of Directors in 2002.
In 2005, Porges was named Vice Chairman and Executive Vice President, Finance and Administration; and was promoted to President and Chief Operating Officer in 2007.
Porges was elected President and Chief Executive Officer of EQT Corporation in 2010, and Chairman of the Board in 2011.
Porges is also Chairman, President and Chief Executive Officer of EQT GP Services, LLC, the general partner of EQT GP Holdings, LP and EQT Midstream Services, LLC, the general partner of EQT Midstream Partners, LP.
Prior to joining EQT, Porges spent 11 years with Bankers Trust Corporation.
During his tenure, which began in 1987, Porges worked almost entirely with energy companies, but spent time in several areas, including mergers and acquisitions, structured finance, risk advisory, and finally as a Managing Director with their BT Wolfensohn strategic advisory group.
Porges began his career in the energy industry with Exxon Corporation (now Exxon Mobil Corporation), where he spent seven years in various international management positions, first with their Asian headquarters in Houston, followed by their Esso Australia division in Sydney and Melbourne.
A Chicago native, Porges holds a Master in Business Administration from the Stanford University Graduate School of Business, and a Bachelor in Industrial Engineering and Management Sciences from Northwestern University’s McCormick School of Engineering and Applied Science.
He serves on the Board of Directors of several organizations, including the Allegheny Conference on Community Development, the Pittsburgh Zoo and PPG Aquarium, the Pittsburgh Cultural Trust, the Carnegie Museum of Art, and the Center for Sustainable Shale Development.
Porges is a member of the Board of Trustees of Carnegie Mellon University, Carnegie Museums of Pittsburgh, RAND Corporation and The Winchester Thurston School.
Porges is also a member of the Breathe Project Leadership Group; the McCormick Advisory Council for the Robert R. McCormick School of Engineering and Applied Science at Northwestern University; and a lifetime board member of Pittsburgh City Theatre.
Significant signs for push-out forces
It is not completely certain what forces eventually triggered Dave Porges’ move.
The Push-out Score™ determined by management-change.com suggests significant signs for push-out forces that may have contributed to the management change.
Read the full story in the management-change.com report 40.2016 ($).