Crestwood Equity Partners LP (NYSE: CEQP) announced that Executive Vice President and Chief Accounting Officer, Steven Dougherty, will leave the company to explore new opportunities. Dougherty will remain in his role until the end of Q2 2023 for a smooth transition. Robert G. Phillips, the CEO, expressed gratitude for Dougherty's significant contributions since 2012 in various key areas including accounting and risk management. Post-departure, the accounting team will be overseen by Senior Vice President Jeff Cathey, with other departments managed by existing senior executives. Crestwood operates midstream businesses across the U.S., involved in natural gas and crude oil logistics.
Positive
Steven Dougherty is leaving on good terms, ensuring an orderly transition.
The company has strong internal candidates ready to take over key functions, minimizing disruption.
Negative
The departure of a senior executive may cause uncertainty among investors and market analysts.
Potential loss of institutional knowledge with Dougherty's exit.
Insights
Analyzing...
HOUSTON--(BUSINESS WIRE)--
Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood” or the “Company”) announced today that Steven Dougherty, Executive Vice President and Chief Accounting Officer, will be leaving the Company to pursue other opportunities. Mr. Dougherty will continue to serve in his current role through the end of the second quarter 2023 to ensure an orderly transition of his responsibilities.
“I would like to personally thank Steven, or “Doc” as we fondly refer to him within the Company, for his many years of service and leadership at Crestwood. Doc has played a key role in building Crestwood from its infancy to what it is today, and his contributions have been fundamental to the Company’s success,” commented Robert G. Phillips, Founder, Chairman, and Chief Executive Officer of Crestwood. “Doc has been a core member of the Crestwood management team since 2012 and has developed a tremendous team of professionals within our accounting, financial reporting, tax, internal audit, IT, and risk management functions. We are excited for the opportunity for many of these highly talented leaders to advance their careers and are confident they are well prepared to ensure a seamless transition. While we are sad to see Doc move on from Crestwood, we wish him all the best in his future endeavors and the next chapter in his life.”
Steven Dougherty commented, “I am so proud of what we have built at Crestwood over the past 11 years. It has been an incredible privilege to work with an extraordinary group of executives and an extremely talented group of accounting, IT, audit, tax and risk management professionals that will continue to advance Crestwood as a leader in the midstream industry. I am very excited about Crestwood’s transformation over the past several years and look forward to seeing what the future holds for the organization.”
Mr. Dougherty will continue to serve as Executive Vice President and Chief Accounting Officer through the end of the second quarter 2023. Upon his departure, Jeff Cathey, Senior Vice President and Controller, will oversee the accounting department. Deana Werkowitch, Senior Vice President of Audit, Technology and Implementation Services will oversee the internal audit and technology functions. Donna Schmidt, Vice President of Tax will oversee the tax department. Casey Rosengarten, Vice President of Risk Management will oversee the risk management function.
About Crestwood Equity Partners LP
Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood is engaged in the gathering, processing, treating, compression, and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. To learn more about Crestwood Equity Partners LP, visit www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.
Sustainability and Media Contact
Joanne Howard, 832-519-2211
joanne.howard@crestwoodlp.com
Senior Vice President, Sustainability and Corporate Communications
Source: Crestwood Equity Partners LP
FAQ
What is the reason for Steven Dougherty's departure from Crestwood Equity Partners (CEQP)?
Steven Dougherty is leaving Crestwood to pursue other opportunities, while ensuring a smooth transition until the end of Q2 2023.
Who will oversee the accounting department after Dougherty leaves Crestwood Equity Partners (CEQP)?
Jeff Cathey, Senior Vice President and Controller, will oversee the accounting department after Dougherty's departure.
How long did Steven Dougherty serve at Crestwood Equity Partners (CEQP)?
Steven Dougherty served at Crestwood for 11 years, joining the company in 2012.
What roles will be filled by existing executives at Crestwood Equity Partners (CEQP) after Dougherty's departure?
After Dougherty's departure, key functions will be managed by Jeff Cathey, Deana Werkowitch, Donna Schmidt, and Casey Rosengarten.
What type of business does Crestwood Equity Partners (CEQP) engage in?
Crestwood operates midstream businesses involved in the gathering, processing, transportation of natural gas, and logistics for crude oil and NGLs.
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