Plains All American Pipeline, L.P. (PAA) and Plains GP Holdings today announced its management succession plan and transition process regarding Greg Armstrong’s retirement as Chief Executive Officer, effective at the end of 2018.
Under the plan approved by PAA’s Board of Directors, Willie Chiang, the company’s current Executive Vice President and Chief Operating Officer – U.S., will become CEO upon Armstrong’s retirement, with Armstrong continuing to serve as non-executive Chairman of the Board of Directors through December 2019.
“It has been an honor and a privilege to work at Plains for over 36 years and to serve the last 25 years as CEO,” Armstrong said. “The plans announced today reflect several years of thoughtful preparation and succession planning, which we view as a process versus an event at a point in time. I am pleased that Willie will become our next CEO, and I have every confidence that Willie, Harry and the rest of PAA’s leadership team will continue to build upon PAA’s success.”
Chiang joined PAA in 2015 as PAA’s Executive Vice President and Chief Operating Officer – U.S., and was appointed to the Board of Directors in February 2017. He has more than 30 years of energy industry experience, having served in a number of executive leadership roles within large, complex organizations like PAA. Prior to joining PAA, Chiang held the positions of Executive Vice President, Operations at Occidental Petroleum, and Senior Vice President of Refining, Marketing, Transportation and Commercial for ConocoPhillips.
“I am honored to be named as Greg’s successor,” Chiang said. “Alongside our executive team, Board of Directors and employees, I am committed to continuing PAA’s growth and success as a leading midstream energy company.”