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Wednesday, January 21, 2015

Kinder stepping down as Kinder Morgan CEO, to be exec chair, (NYSE: KMI)

Kinder Morgan Inc, the top U.S. pipeline company, on Wednesday said co-founder Rich Kinder will step down as chief executive this summer in a long-expected move.He will be replaced by President and Chief Executive Officer Steve Kean, who has been groomed to take the top job. Kinder will become executive chairman when Kean takes over on June 1."I want also assure you I have never sold a share of my KMI stock and I don't intend to do so in the future," Kinder told investors on a conference call. "As we say in Texas, I plan to die with my boots on."Kinder, seen as an energy visionary turning the small unit he bought from failed trader Enron in 1997 to a juggernaut, said he was not going anywhere and would be involved in all major decisions involving the company he helped found.

Kinder Morgan, Inc. (KMI) owns and manages a diversified portfolio of energy transportation and storage assets. Shares of KMI traded higher by 0.43% or $0.18/share to $42.00. In the past year, the shares have traded as low as $30.81 and as high as $43.18. On average, 24877600 shares of KMI exchange hands on a given day and today's volume is recorded at 10636216.