Hess Midstream names CFO Jonathan C. Stein as new CEO

Hess Midstream names CFO Jonathan C. Stein as new CEO

Following the completion of the merger between Hess Corporation and Chevron Corporation, Hess Midstream LP has announced significant leadership changes. The company's general partner has appointed new members to its Board of Directors and new executive officers. Jonathan C. Stein, currently serving as the Chief Financial Officer (CFO) of Hess Midstream, has been named the new Chief Executive Officer (CEO), succeeding John B. Hess [1].

The appointment of Stein as CEO marks a significant shift in the company's leadership. Stein previously held the role of CFO, and his promotion comes after the merger, which saw Chevron acquire a beneficial 37.8% interest in Hess Midstream [2]. The merger has led to a reshuffling of leadership, with John Hess, Gregory P. Hill, and John P. Rielly stepping down from their respective positions on the Hess Midstream board [2].

In addition to Stein's promotion, Michael J. Chadwick has been appointed as the new CFO, succeeding Stein. Chadwick has held increasingly senior financial roles since joining Hess in 2000, most recently serving as Vice President and Controller since 2022 [3]. The appointment of Chadwick reflects the company's focus on maintaining strong financial management.

The changes in leadership also include the appointment of new board members. Andy Walz, president of Chevron's downstream, midstream, and chemicals, will join the board and serve as chairman. Kristen Ghattas and Kristi McCarthy will also join the board, while Gerbert Schoonman will remain a member. The company's three independent directors, Stephen J.J. Letwin, David W. Niemiec, and John P. Reddy, will continue to serve on the board and on its audit committee [2].

Hess Midstream expects to appoint a fourth independent board member in the near future. The appointment of new executives and board members reflects the company's commitment to adapting to the new structure following the merger.

References:
[1] Hess Midstream LP announces CEO changes. (n.d.). Retrieved from https://www.marketscreener.com/news/hess-midstream-lp-announces-ceo-changes-ce7c5cded181f726
[2] Hess Midstream makes leadership board changes following Chevron deal completion. (n.d.). Retrieved from https://www.ogj.com/general-interest/personnel-moves-promotions/article/55304202/hess-midstream-makes-leadership-board-changes-following-chevron-deal-completion
[3] Hess Midstream LP announces CFO changes. (n.d.). Retrieved from https://www.marketscreener.com/news/hess-midstream-lp-announces-cfo-changes-ce7c5cded181f721