The new controlling owners of SemGroup Energy Partners LP say CEO and President Kevin Foxx is stepping down.
Tuesday's announcement came as Vitol Inc. completes its acquisition of SGLP's general partner. The company also says Treasurer Michael Brochetti is leaving the company and that both men may remain as consultants until March 2010.
The company says former Teppco Partners executive Michael Cockrell will move into SGLP's president and chief operating officer posts.
Vitol Inc., part of a Rotterdam-based, worldwide group of energy companies called Vitol Group, acquired the general partner interest from hedge fund Manchester Securities. Manchester took control of SGLP's board in July 2008, when the parent SGLP filed for Chapter 11 bankruptcy protection.
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Information from: Tulsa World, http://www.tulsaworld.com