Cheniere Energy Inc. has announced that its Board of Directors has appointed Board member Neal A. Shear as interim President and CEO. The Cheniere Board has also appointed Board member G. Andrea Botta as Chairman of its Board of Directors, effective immediately. Mr. Shear has also been appointed the Chairman of the Boards of Cheniere Energy Partners GP LLC, the general partner of Cheniere Energy Partners, LP, and Cheniere Energy Partners LP Holdings LLC.
The appointments follow the Board's decision to replace Charif Souki, Cheniere's co-founder, Chairman, President and CEO, effective immediately.
"The Board of Directors thanks Charif for his entrepreneurial spirit over the past 19 years. Under his leadership, Cheniere was established as a first mover in LNG exports and is positioned to become a significant player in the global LNG markets," said Lead Independent Director, David B. Kilpatrick.
"With Sabine Pass Liquefaction's first of five LNG trains nearing completion and with the overall construction of both Sabine Pass and Corpus Christi projects advancing as planned, Cheniere will transition into an operating company with stable and growing positive cash flow underpinned by long-term offtake agreements with investment grade energy companies worldwide," said newly elected Board Chairman G. Andrea Botta. "The changes announced today will serve Cheniere well in creating and sustaining shareholder value, while continuing to explore a limited number of strategic initiatives within the LNG industry."
"Cheniere is well positioned for growth in the global LNG markets and the Board has the utmost confidence in our management team given its significant accomplishments against key milestones," noted interim President and CEO Neal Shear.
The Governance and Nominating Committee of the Board will immediately begin a search for a permanent CEO. Mr. Shear, together with a special committee of the Board of Directors, will work with Cheniere's executive team to facilitate an orderly leadership transition. In addition, Board member Nuno Brandolini will take over as head of Cheniere's Compensation Committee.
Edited from press release by Angharad Lock
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