Equitrans Midstream Corporation announced that Thomas F. Karam will step down from his role as chief executive officer of Equitrans Midstream (Equitrans or company) to become the company's executive chairman; and Diana M. Charletta, currently president and chief operating officer of Equitrans, will succeed Mr. Karam as Equitrans' newly appointed chief executive officer.
The executive appointments are effective January 1, 2024, and both Mr. Karam and Ms. Charletta will continue to serve as members of the Equitrans Board of Directors following the leadership transition.
"Nearly five years ago, Equitrans Midstream was launched as an independent, publicly traded company, and, since the beginning, we have been steadfast and resilient, persevering through challenges that many had thought were insurmountable," said Mr. Karam. "We are targeting completion of the Mountain Valley Pipeline project by year-end and believe this is the right time to execute on our long-planned leadership succession strategy. Equitrans has a long history, a comprehensive asset footprint across the Appalachian Basin, and a very bright future. With deep-rooted operational experience, Diana is a respected leader among her peers and across the organization, and I am confident in her ability to successfully execute on our strategic priorities."
"I am proud to lead the organization into its next chapter and excited for the opportunity to guide the remarkable people who have established a culture that is committed to safety, environmental stewardship, operational excellence, and integrity,” said Ms. Charletta. “As we prepare for MVP in-service, I am also eager to explore the opportunities that the new takeaway capacity is positioned to present. We will work to continue to provide innovative solutions for our customers, to further optimize our assets and improve capital efficiency, and to operate safely and responsibly, all with a focus on driving meaningful value for Equitrans."
"On behalf of the Board of Directors, I thank Tom for the leadership that only someone with his experience, expertise, and determination could have provided during the course of the past five years," said Robert F. Vagt, Equitrans' lead independent director. "In particular, and in the face of unprecedented challenges to the MVP project, it was his ability to navigate the legal, operational, and legislative labyrinth, which ultimately resulted in the inclusion of MVP in the Fiscal Responsibility Act of 2023. During this same period, Diana continued to prove herself an exceptional leader, combining her operational expertise with strategic corporate vision. Going forward, we are both pleased and very proud to have Diana leading Equitrans and grateful for Tom's continuing support as executive chairman."
Mr. Karam has served as the company's chief executive officer since September 2018 and was appointed chairman of the Board in July 2019. Ms. Charletta has served as Equitrans' chief operating officer since September 2018, was appointed president and chief operating officer in July 2019, and was appointed to the Board in April 2022.
