Venture Global LNG Inc., the company behind three planned liquefied natural gas facilities in Louisiana, has announced an upcoming change in corporate governance.
Robert Pender and Michael Sabel, founders, co-chairmen and co-CEOs of the company, announced on Monday that Sabel will become CEO of the company, effective Oct. 1, Kallanish Energy reports.
Pender will become executive co-chairman, a new post, to advise Sabel on key strategic and financial matters.
They will both continue to serve on the board of directors as executive co-chairmen of the board.
The change was approved by the company’s board of directors.
“It has been an exhilarating decade working with Mike to create Venture Global and to help reshape the global LNG industry,” Pender said in a statement.
He said he needed “to step back a bit.”
He added, “There is no person I trust more than Mike to lead this company we created together into the future. I remain fully committed to Mike, the company and its success but in a different role where I can add the highest value and at a more balanced pace.”
In that statement, Sabel added: “Bob and I have worked together as partners for over 10 years, and more important than the milestones achieved have been the friendship and the time spent together grinding through challenges and building our team.
“The success we have achieved would not have been possible without Bob’s leadership, guidance, intellect and energy. While roles are changing a little bit, the partnership, collaboration and intensity will continue for many years to come as we continue to grow our business,” he added.
The Virginia-based company has plans for three LNG facilities in Louisiana, together capable of producing 50 million tons of LNG per year.
One plant, Calcasieu Pass, is under construction. Work on the Plaquemines LNG facility is expected to begin later this year. Permitting is under way on the Delta LNG facility.
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