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Friday, March 16, 2018

EQT Corp CEO Steve Schlotterbeck Unexpectedly Resigns

From the Pittsburgh Business Times:
EQT Corp. announced Thursday that President and CEO Steve Schlotterbeckhad resigned immediately and would be replaced in the interim by former Chairman and CEO David L. Porges
EQT (NYSE: EQT), the largest independent natural gas producer in the U.S., said Schlotterbeck left as president and CEO and the EQT board for personal reasons. EQT did not elaborate. He also resigned his posts at EQT subsidiaries EQT GP Holdings LP (NYSE: EGQP), EQT Midstream Partners LP (NYSE: EQM) and Rice Midstream Partners (NYSE: RMP). 
"We thank Steve for his dedicated service to EQT and its stakeholders over the last 18 years," the board of directors said in a statement. "Steve was a valued contributor as EQT transformed from a regional, retail gas company into the largest natural gas producer in the United States."

Schlotterbeck had a 18-year career with EQT and a 30-year career in the energy industry, and had spent the last year as CEO, replacing Porges. He had been named president of EQT in 2015 and led its production business unit with the company's transition to an E&P company with the rise of the Marcellus Shale.
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While a sudden departure like this these days tends to make one suspect that there are either health problems or some sort of scandal involved, Marcellus Drilling News reports that a message on Schlotterbeck's LinkedIn page reveals that the decision to leave was spurred by a disagreement with the board over his value to the company.

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