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ARLINGTON, Virginia, Sept. 22, 2020 /PRNewswire/ -- Robert Pender and Michael Sabel, Founders, Co-Chairmen and Co-CEOs of Venture Global LNG, Inc. jointly announced today an upcoming change in corporate governance for the company. With the approval of the board of directors, effective October 1, 2020, Mr. Sabel will assume the role of CEO of the company and Mr. Pender will continue to serve the company as Executive Co-Chairman, a new officer position, supporting the company and the CEO on key strategic and financial matters. Mr. Pender will continue to serve on the company's board of directors, together with Mr. Sabel, both as Executive Co-Chairmen of the Board.
Mr. Pender stated, "It has been an exhilarating decade working with Mike to create Venture Global LNG and to help reshape the global LNG industry. In particular, through Venture Global, we are so proud that we have materially reduced the cost of LNG at a critical moment of transition for the world's energy needs. We have succeeded in large part because of the singular focus we have both personally fully invested, now I need to step back a bit. There is no person I trust more than Mike to lead this company we created together into the future. I remain fully committed to Mike, the company and its success, but in a different role where I can add the highest value and at a more balanced pace."
Mr. Sabel added: "Bob and I have worked together as partners for over 10 years, and more important than the milestones achieved have been the friendship and the time spent together grinding through challenges and building our team. The success we have achieved would not have been possible without Bob's leadership, guidance, intellect and energy. While roles are changing a little bit, the partnership, collaboration and intensity will continue for many years to come as we continue to grow our business."
About Venture Global LNG
Venture Global LNG is a long-term, low-cost provider of LNG to be supplied from resource rich North American natural gas basins and is currently constructing or developing 50 MTPA of production capacity in Louisiana. The 10 MTPA Venture Global Calcasieu Pass facility is under construction at the intersection of the Calcasieu Ship Channel and the Gulf of Mexico. The 20 MTPA Venture Global Plaquemines LNG facility is expected to commence construction this year and is located south of New Orleans on the Mississippi River. Venture Global LNG is also developing the 20 MTPA Venture Global Delta LNG facility, adjacent to Plaquemines. More can be found at www.venturegloballng.com.
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