Harry Pefanis, co-founder and president of Plains All American Pipeline, will retire effective June 1, the company announced March 26 in a press release.

Willie Chiang, the current CEO and chairman of the board and CEO will take the president’s position upon Pefanis’ retirement.

Plains also announced updates to the lead director position and committee assignments for its board of directors that will also be effective June 1, according to the announcement.

"I have had the privilege of working with exceptionally talented teammates that have always been committed to developing lasting relationships, delivering value, driving results and meeting the needs of our customers and stakeholders,” Pefanis said in the announcement.

Plains All American Pipeline started as a subsidiary of E&P Plains Resources in 1989. Pefanis was the midstream company’s president when the company held an IPO in 1998. Today the company has more than 4,000 employees and assets in the U.S. and Canada, with a network moving about 8 MMbbl/d of crude and NGLs.

"Harry is a world class energy executive who played a key role in the founding of the company almost three decades ago, and who has been instrumental to the growth of Plains into the modern energy transportation company it is today,” Chiang said in the announcement.

Pefanis will continue to serve on the board of directors and as a senior adviser.

Plains also announced the following changes to its board, effective June 1: Bobby Shackouls will be succeeded in his roles as lead director and chair of the governance committee by John Raymond. Shackouls will succeed Raymond as chair of the compensation committee.

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