Enterprise Products Partners L.P. (NYSE: EPD) announced that co-chief executive officer A.J. "Jim" Teague plans to retire on January 4, 2027, after 28 years with the Houston-based partnership.

Co-CEO W. Randall "Randy" Fowler will assume the sole chief executive officer role upon Teague's retirement. Fowler has served as a director of Enterprise's general partner since 2011 and as co-CEO since 2020. He also held the chief financial officer position from 2007 to 2015 and again from 2018 to 2024, and brings 48 years of finance and accounting experience in the energy industry.

Teague joined Enterprise in 1999 and has served as co-CEO alongside Fowler. According to the company, Enterprise's enterprise value grew from $1.8 billion to approximately $120 billion during his tenure.

Randa Duncan, non-executive chairman of Enterprise's general partner, said Teague "has been integral to our success since he joined Enterprise in 1999." Duncan added that Teague will remain involved in transition activities through his retirement date in addition to his regular duties.

Upon Teague's retirement, Enterprise's general partner will expand its Office of the Chairman. The group will include Duncan, vice chairman Richard H. "Hank" Bachmann, Fowler, chief commercial officer Michael C. "Tug" Hanley, and chief financial officer R. Daniel Boss.

Enterprise Products Partners is a midstream energy services provider with assets including over 50,000 miles of pipelines, over 300 million barrels of storage capacity, and 14 billion cubic feet of natural gas storage capacity.