Richard Kinder, co-founder of transportation giant Kinder Morgan, announced Wednesday that he will step down from his post in June.
Kinder Morgan COO Steve Kean will takeover as CEO for the Houston based company on June 1.
Kinder will stay on with the company as executive chairman.
“My name is on the door, and I don’t plan to go anywhere. As we say in Texas, I plan to die with my boots on,” Kinder said.
The company confirmed a timetable for its leaderhsip transition during its fourth quarter results announcement after months of speculation.
Kinder co-founded the company in 1997 along with William V. Morgan and quickly grew the master limited partnership into one of the largest transportation firms in the world.
The company is currently valued at over $125 billion with Kinder holding an 11 percent stake.
Kinder Morgan reported a fourth quarter revenue of $3.95 billion with adjusted earnings of $0.27 per share, slightly below analysts expectations of $4.3 billion in revenues and $0.34 per share earnings.
The company increased its quarterly dividend by 10 percent to $0.45 per share.
Net income was down to $566 million from $704 million during the same quarter last year.
The company had to take a $235 million non-cash, pre-tax impairment charge tied to an unspecified oil and gas property that was offset by a nonrecurring tax benefit.
Kinder Morgan’s backlog now stands at $17.6 billion