10 Things You Didn’t Know about EnLink Midstream CEO Michael J. Garberding
In January 2018, Michael J. Garberding became the President and Chief Executive officer of EnLink Midstream LLC. For him to hold such an office, the board must have reviewed his work ethic and background. Among the things you probably do not know that qualified him for the job as disclosed in his LinkedIn profile include:
1. He was assistant treasurer at TXU Corp
It looks like every company that Michael has worked in either ends up being sold or worse, dissolved or bankrupt. He was an assistant treasurer at TXU Corp focusing on structured transactions such as the sale of TXU Gas Co. and coal plant development. Michael is also hailed for being involved in the $45 billion company’s sale to a group of private investors that included Goldman Sachs, KKR and TPG. According to D Magazine, while the investors lost billions, the stockholders were celebrating the TXU CEO walked away with a payout amounting to $227 million.
2. He was an audit manager at Arthur Andersen LLP
The minute you hear of KPMG, PricewaterhouseCoopers and Ernst & Young, you get a picture of the highest-rated auditing companies in the world. Michel Garberding used to work for such a firm. It was called Arthur Andersen LLP, but after the Enron scandal, it was dissolved following its being found guilty of criminal charges. Arthur Andersen was once one of the largest multinationals in the world, but since it used to audit the books of Enron, its fate became similar to that of Enron.
3. He got his undergraduate degree from Texas A&M University
Upon graduating from Memorial High School, Michael joined Texas A&M University in 1987 where he studied until his graduation in 1991. Michael earned his Bachelor’s degree in accounting from the institution before proceeding for his masters. Since being admitted into the university requires a GPA of at least 3.64, Michael must have been an outstanding student. Texas A&M University appears to be an ideal for platform preparing its students for various professions because some of the notable alumni are basketball players, football players and entrepreneurs among many other lucrative jobs.
4. He holds a master’s degree from the University of Michigan
Michael seems to be a focused individual who was determined to get a proper education before looking for a job. He did not waste time; moving from high School, he immediately pursued his undergraduate degree and then his masters. Michael joined the University of Michigan, Stephen M. Ross School of Business, in 1998 and graduated in 1999. Some of the most famous people in the world, including Madonna and Lucy Liu are among its notable alumni.
5. He was a finance manager at Enron North America
Upon his graduation from the University of Michigan, Mike Garberding was among the lucky few who did not have to keep applying for jobs because he immediately was recruited by Enron North America. He worked at the company for three years until 2002, and among his accomplishments are being a member of several derivates, finance and structured commodity teams. Unfortunately, the company he worked for was involved in a massive scandal that left it filing for bankruptcy in late 2001 after it was discovered that most of the company’s financial statements were fraudulent.
6. He is on the board of the Master Limited Partnership Association
With an experience of over 25 years in the field of finance, Michael lends his insight by sitting on the board of the Master Limited Partnership Association. For a company to become a member, it must submit an application which is subject to review and approval by the board. Upon approval, new members receive a 50% discount off the membership dues in their first year.
7. He was the Executive President and CFO of Crosstex Energy, L.P.
Michael joined Crosstex in 2008 and held various executive positions. At first, he was the senior vice president in charge of business development and finance before becoming the Senior Vice President and Chief Finance Officer. Mike continued going up the ladder until he was the Executive Vice President and CFO of the company. During his tenure in office, he is acclaimed to be one of the people who played a role in helping the company increase value to its investors by executing its business growth strategy. When Crosstex Energy Inc. merged its assets with Devon Energy Corp. to create EnLink Midstream LLC, Michael rose the ranks again to become the CEO and President.
8. He went to Memorial High School in Houston, Texas
Memorial High School is one of the top-rated public schools in Houston, Texas and Michael Garberding is its alumnus. He attended the School from 1984 to 1987 when he graduated. Memorial High School has a 97% graduation rate, so Mike’s chances of not graduating were very slim. Most of the students choose to further their education at the University of Texas, University of Houston or Texas A7M University depending on their score, according to Niche.
9. He is a member of the American Heart Association
The American Heart Association is a not-for-profit organization based in the USA. It funds cardiovascular medical research, encourages proper cardiac care to reduce mortality and diseases caused by stroke and other cardiovascular diseases, and enlightens consumers on healthy living. On American Heart Association, Michael encourages people to donate towards the noble cause when he reveals that he participates in the heart walk because it promotes making of healthier choices every day.
10. His total compensation is over $3 million per year
Employees have been known to do anything possible to get to that executive office; even if it means putting their morals aside. Michael has worked hard all his life, and as always good deeds never go unrewarded. He now holds one of the highest ranks in the organizational chart of EnLink Midstream LLC as the president, Chief Executive Officer and Director. When these positions are combined, the compensation Michael gets for fulfilling all the duties that come with them is lucrative. According to Wallmine, his total annual salary is $3,543,560, and only Barry Davis earns higher than him since he receives $6.75 million every year.
