HOUSTON – Kinder Morgan announced Wednesday that Rich Kinder is stepping down as the energy company's CEO.
According to the company, Steve Kean will be the new CEO starting June 1, 2015. Rich Kinder will become executive chairman.
"I'm delighted that Steve will become our next CEO and have every confidence that he and the rest of our executive management team will continue to do an outstanding job," Kinder said in an earning release. "As for me, I'm not going anywhere and will remain involved in all major company decisions, including acquisitions and capital projects."
According to its website, Kinder Morgan is the third largest energy company in North America with an enterprise value of more than $125 billion. The company is headquartered in downtown Houston.