Kelcy Warren, the Dallas billionaire known for controversial pipelines and aggressive dealmaking, is stepping down as chief executive officer of Energy Transfer LP. But if the move is anything like those of fellow moguls in the pipeline industry, he isn’t going far.

The company late Thursday named chief operating officer Mackie McCrea and chief financial officer Tom Long as co-CEOs. Warren, 64, will stay on as executive chairman and remains the top investor. He’ll also retain a majority stake in the so-called general partner that controls Energy Transfer’s board.

Warren appears to be following a playbook employed by his billionaire rivals in the pipeline industry. Kinder Morgan Inc. founder Rich Kinder continues to serve as his company’s chairman despite relinquishing the CEO title in 2015, and Randa Duncan holds the same spot at Enterprise Products Partners LP after her father, the company’s founder, died in 2010.

“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,” said Warren, who has a net worth of about $3 billion, according to the Bloomberg Billionaires Index.

Warren co-founded Energy Transfer in 1996 alongside Ray Davis, who now co-owns the Texas Rangers baseball team. Warren’s appetite for takeovers and his use of the tax-advantaged master limited partnership model allowed him to turn 200 miles of natural gas conduits into one of the biggest pipeline operations in the country.

Those same characteristics have frequently earned him the ire of everyone from regulators to environmental groups to investors.

Warren rose to national attention for his Dakota Access crude oil pipeline, which triggered months of on-the-ground protests after the Standing Rock Sioux Tribe objected to the path of the project in North Dakota. Even once Dakota Access faded from headlines after

  • Bridgewater Associates, the world’s largest hedge fund, has settled its compensation fight with former co-CEO Eileen Murray. 
  • A spokesperson confirmed the deal, but offered no details on the settlement size or terms.
  • Murray originally filed her lawsuit in July, saying the firm balked on up to $100 million in deferred pay after she disclosed her internal dispute to an industry body. 
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Bridgewater Associates settled a multimillion-dollar gender pay-disparity lawsuit with its former co-CEO Eileen Murray for an undisclosed amount of money, it said Monday.

A spokesperson for the Connecticut-based hedge fund confirmed the settlement to Business Insider, saying: “We are pleased that we were able to amicably and fairly resolve the discussions around Eileen’s post-employment benefits.”

Murray, who helmed the $140 billion firm from 2009 to earlier this year, originally filed her complaint in July after departing. She claimed the firm withheld up to $100 million in deferred compensation after she told FINRA about the pay dispute when joining the self-regulatory body’s board of directors.

“Bridgewater has used a false and otherwise grossly expanded, bad faith assertion under the terms of the Plan to claim forfeiture of Ms. Murray’s earned Deferred Compensation, all as part of a cynical plan to intimidate and silence her,” she said in the lawsuit.

The Bridgewater spokesperson declined to elaborate on the size or terms of its settlement with Murray.

“We have a tremendous amount of respect for Eileen and the many contributions she made to Bridgewater during her 10 years of helping to lead the company,” their statement continued. “She will always be a valued member of the Bridgewater community and we wish her well in her various new ventures.”

In September, The Wall Street Journal reported that another high-ranking woman at the hedge fund, research director