Cheniere Energy’s CEO Charif Souki Replaced
Cheniere Energy (Cheniere) announced that Charif Souki, Cheniere’s co-founder, Chairman, President and Chief Executive Officer, has been replaced by Neal A. Shear as interim President and Chief Executive Officer, and G. Andrea Botta as Chairman of its Board of Directors, effective immediately. Cheniere is owner and operator of the Sabine Pass Liquefaction LNG import/export terminal in Cameron Parish, La. and the Corpus Christi Liquefaction LNG import/export terminal under construction near Corpus Christi, Tx. The Financial Times reports that the “catalyst for Mr Souki’s removal was a disagreement with the board over his 2016 budget request and how it would affect the strategic direction of Cheniere.” According to the press release, “[w]ith Sabine Pass Liquefaction’s first of five LNG trains nearing completion and with the overall construction of both Sabine Pass and Corpus Christi projects advancing as planned, Cheniere will transition into an operating company with stable and growing positive cash flow underpinned by long-term offtake agreements with investment grade energy companies worldwide,” said newly elected Board Chairman G. Andrea Botta.