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Pipeline Mogul Follows Playbook, Stepping Down But Staying

  • Kelcy Warren leaving Energy Transfer CEO job; remains chairman
  • Other American pipeline billionaires have made similar moves
Kelcy Warren.
Kelcy Warren.
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Kelcy Warren, the Dallas billionaire known for controversial pipelines and aggressive dealmaking, is stepping down as chief executive officer of Energy Transfer LP. But if the move is anything like those of fellow moguls in the pipeline industry, he isn’t going far.

The company late Thursday named Chief Operating Officer Mackie McCrea and Chief Financial Officer Tom Long as co-CEOs. Warren, 64, will stay on as executive chairman and remains the top investor. He’ll also retain a majority stake in the so-called general partner that controls Energy Transfer’s board.