EQT Corp. appointed CFO Robert McNally as the company's next president and CEO, effective after the separation of its natural gas upstream and midstream businesses is complete.
McNally will succeed interim president and CEO David Porges, who stepped in after the sudden resignation of former CEO Steven Schlotterbeck in March.
Following the separation, Porges will step down from EQT's board and will become chairman of the board for the company's new midstream company, to be called Equitrans Midstream Corp. James Rohr, the board's lead independent director, will be named the chairman of EQT's board.
In addition, EQT named Thomas Karam senior vice president and president of midstream, effective immediately. Karam also took on the roles of president and CEO of the general partners of EQT Midstream Partners LP and EQT GP Holdings LP, joining both partnerships' boards.
Upon completion of the separation, Karam would become the president and CEO of Equitrans Midstream, as well as join its board of directors. As a result, Karam would resign from EQT's board.
The business separation, announced in February, is expected to close by the end of the third quarter. EQT's natural gas midstream operations are focused in the Appalachian Basin. The company is the largest producer of natural gas in the U.S. by volume.