Energy Transfer LP (ET) co-founder Kelcy Warren, 64, said Thursday he is handing the reins over day-to-day duties in 2021 to his two top executives, but he would remain executive chairman of the Dallas-based midstream giant.

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President/COO Mackie McCrea is joining CFO Tom Long to become co-CEOs in an Office of the CEO to jointly direct the master limited partnership (MLP). Warren would continue to be “actively involved” in the strategic direction.

“Although I am stepping away from the day-to-day management of our business, I will continue to be intimately involved in the strategic growth of Energy Transfer,” Warren said.

Warren’s oversight is deep, as the leading investor in the publicly operated MLP. 

Overall insider ownership at ET overall stands at more than...