Hess Midstream Names New CEO, Adds Chevron Executives to Board After Merger
Hess Midstream appointed Chevron executives to its board and promoted Jonathan Stein to CEO following Chevron’s $53 billion merger with Hess. The midstream firm says it will continue focusing on operational strength and shareholder returns.
(P&GJ) — Hess Midstream LP has announced changes to its leadership team and board of directors following Chevron Corporation’s completion of its merger with Hess Corporation.
As part of the transition, Chevron now holds Hess’ approximately 37.8% stake in Hess Midstream on a consolidated basis.
Effective immediately, Chevron has appointed three of its executives to the Hess Midstream board. Andy Walz, President of Chevron Downstream, Midstream & Chemicals, will serve as Chairman. Joining Walz are Kristen Ghattas and Kristi McCarthy. Gerbert Schoonman will remain on the board.
Departing from the board are former Hess Corporation leaders John B. Hess, Gregory P. Hill, and John P. Rielly.
“I would like to thank the Hess-appointed board members for their many contributions to Hess Midstream during their tenure,” Walz said. “I am pleased to join the remaining members of the board along with my Chevron colleagues. The board and management team are committed to continuing to drive shareholder value underpinned by Hess Midstream’s performance.”
Hess Midstream’s three independent directors—Stephen J.J. Letwin, David W. Niemiec, and John P. Reddy—will continue to serve on the board and audit committee. The company plans to appoint a fourth independent director.
On the executive side, Jonathan C. Stein, previously Hess Midstream’s CFO, has been promoted to CEO, succeeding John B. Hess. Michael J. Chadwick has been named CFO. Chadwick, who joined Hess in 2000, most recently served as Vice President and Controller.
“We are excited for the future and look forward to working with Chevron to further enhance shareholder value,” Stein said. “Hess Midstream remains focused on strong operational and financial performance and delivering significant shareholder returns on a consistent and ongoing basis.”