Bobby Tudor and Maynard Holt, two of the three founders of the energy-focused boutique investment bank Tudor, Pickering, Holt & Co. (TPH), plan to retire in January, according to a memo from the firm on Oct. 5.

Along with Dan Pickering, the duo started the Houston-based bank in 2007. Since then, it has grown to 145 people offering investment and merchant banking advisory services to the oil and gas industry and, increasingly, in the energy transition space.

In 2016, it was bought by Perella Weinberg Partners and has since acted as the investment bank's energy arm.

“There is never a good time for founding partners to leave but with TPH operating from a position of strength and firing on all cylinders, Bobby and I have decided that this is the best time for us to step aside so the next generation of leadership can steer the firm forward,” said Holt, who currently serves as chief executive, in an emailed statement.

As part of the succession process, Chad Michael will become president of TPH. He joined the firm in 2007 and, earlier this year, was named co-head of investment banking, the memo said.

Tudor, who currently serves as chairman of TPH, is also well known in the Houston area for his philanthropic work. He plans to continue leading the Houston Energy Transition Initiative with the Greater Houston Partnership, the city's business development agency.

Holt plans to spend more time with his family, and seek out other opportunities and interests in the future, the memo added.

TPH has worked on two of the biggest U.S. oil and gas deals so far this year: advising Cimarex Energy on its merger with Cabot Oil & Gas, which closed on Oct. 1 and created Coterra Energy, and working for Royal Dutch Shell on its announced $9.5 billion divestment of Permian acreage to ConocoPhillips.

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