Okla., April 22, 2022 /PRNewswire/ -- Magellan
Midstream Partners, L.P. (NYSE: MMP) announced today that
Robert Croyle has advised of his
intent to retire from Magellan's board of directors effective
April 30 after 13 years of service.
Following Mr. Croyle's retirement, Sivasankaran "Soma" Somasundaram
has been elected as an independent board member beginning
Soma currently serves as president, chief executive officer and
board member of ChampionX Corporation (NASDAQ: CHX), a global
leader in chemistry solutions and highly engineered equipment and
technologies that help companies drill for and produce oil and gas
safely and efficiently around the world. He brings more than 30
years of global leadership experience in energy and industrial
markets with strong focus on value creation through operational
excellence, growth strategies, portfolio evolution and mergers
He has worked for ChampionX or its predecessors since 2004. From
2018 to 2020, Soma served as president, CEO and board member of
Apergy Corporation (NYSE: APY) prior to its merger with ChampionX.
Prior to his role at Apergy, which was created in a spin-off from
Dover Corporation in 2018, he was vice president of Dover
Corporation and president and CEO of Dover Energy. Soma held a
number of other senior executive leadership roles since joining
Dover in 2004. Prior to Dover, he held various global leadership
roles at GL&V Inc. and Baker Hughes Inc.
Soma earned a bachelor's degree in mechanical engineering from
Anna University and a master's degree in industrial engineering
from the University of Oklahoma.
"On behalf of the board and management team, we thank Bob for
his dedication, leadership and many contributions over the years
and wish him good health and much happiness in the future," said
Barry Pearl, Magellan's current lead
director and incoming chairman of the board. "In addition, we are
pleased to welcome Soma to the Magellan board and believe his
extensive executive management experience in the energy sector will
provide helpful insight to maximize long-term investor value while
ensuring the responsible, disciplined approach that is a
long-standing Magellan tradition."
About Magellan Midstream Partners,
Magellan Midstream Partners, L.P. (NYSE: MMP) is a publicly
traded partnership that primarily transports, stores and
distributes refined petroleum products and crude oil. Magellan owns
the longest refined petroleum products pipeline system in the
country, with access to nearly 50% of the nation's refining
capacity, and can store more than 100 million barrels of petroleum
products such as gasoline, diesel fuel and crude oil. More
information is available at www.magellanlp.com.
Except for statements of historical fact, this news release
constitutes forward-looking statements as defined by federal law.
Although management of Magellan Midstream Partners, L.P. believes
such statements are based on reasonable assumptions, such
statements necessarily involve known and unknown risks and
uncertainties that may cause actual outcomes to be materially
different. Factors that could lead to material changes in
performance are described in Magellan's filings with the Securities
and Exchange Commission, including our Annual Report on Form 10-K
for the fiscal year ended Dec. 31,
2021. You are urged to carefully review and consider the
cautionary statements and other disclosures made in those filings,
especially under the headings "Risk Factors" and "Forward-Looking
Statements." Forward-looking statements made by Magellan in this
release are based only on information currently known, and we
undertake no obligation to revise our forward-looking statements to
reflect future events or circumstances.
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SOURCE Magellan Midstream Partners, L.P.