Targa Resources Corp. announced updates regarding management succession planning and transition, with the following changes approved by Targa's Board of Directors. Effective March 1, 2020, Matthew J. Meloy, current President, will become Chief Executive Officer and will be elected to the Board of Directors.

Joe Bob Perkins, current Chief Executive Officer, will remain as a member of the management team and will become Executive Chairman of the Board of Directors. James W. Whalen, current Executive Chairman, will retire from the management team and will continue to serve on the Board of Directors. The changes announced continue the succession and transition in leadership contemplated under Targa's ongoing management succession plan developed with and approved by Targa's Board of Directors.

Mr. Meloy has served as President since March 2018. He previously served as Chief Financial Officer of the Company from October 2010 until March 2018. He also served as Vice President, Finance and Treasurer of the Company between April 2008 and October 2010, and as Director, Corporate Development of the Company between March 2006 and March 2008.