Par Petroleum Corp. (NYSE MKT: PARR) is changing its name to Par Pacific Holdings Inc., effective Oct. 20, to more accurately reflect its growth strategy of building and acquiring businesses. The company's ticker symbol, PARR, will remain the same. To further this strategy, Par has appointed current board member William “Bill” Pate as its president and CEO.
Par's current CEO, Joseph Israel, will remain on the board of directors of Par Pacific and will be named president and CEO of the refining, marketing, and logistics business, which will be renamed Par Petroleum LLC.
Prior to joining Par, Pate was the co-president of Equity Group Investments (EGI). Through an affiliate, EGI is the largest shareholder of Par. In his 21 years at EGI, Pate led a team that completed investments in many business sectors including energy, power, infrastructure, logistics, chemicals, financial services, and health care, and many of these investments included holding companies that had tax attributes and multiple lines of business, similar to Par. Pate is the former chairman of the board and a long-time director of Covanta Holding Corp., an international owner/operator of energy-from-waste and power-generation facilities.