8-KLeadership ChangesOther EventsExhibits & Filings

ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Executive Changes (Feb 21, 2013)

Filed February 21, 2013For Securities:EPDEPDU

Summary

Enterprise Products Partners L.P. (EPD) filed an 8-K on February 21, 2013, reporting significant leadership and governance changes effective February 19, 2013. The Board of Directors re-elected Michael A. Creel as Chief Executive Officer and A. James Teague as Chief Operating Officer, with their responsibilities clearly defined and both reporting directly to the Board. Notably, the title of President has been eliminated, with its prior duties absorbed by the CEO role, streamlining executive reporting. Furthermore, Randa Duncan Williams was appointed as the non-executive Chairman of the Board, signifying a key governance shift. The formation of a new 'Office of the Chairman,' comprising the Chairman, CEO, and COO, is established to enhance liaison with the Board, discuss strategic direction, leadership development, business goals, and financial strength. This group will also play a role in board composition and governance policies, indicating a focus on reinforcing leadership and strategic oversight within the partnership.

Key Highlights

  • 1Michael A. Creel re-elected as Chief Executive Officer, responsible for overall business and financial strategy.
  • 2A. James Teague re-elected as Chief Operating Officer, overseeing day-to-day operations and business development.
  • 3The role of President has been eliminated, with its responsibilities integrated into the CEO position.
  • 4Randa Duncan Williams appointed as non-executive Chairman of the Board, focusing on governance and board leadership.
  • 5Creation of the 'Office of the Chairman' comprising Chairman, CEO, and COO to enhance Board liaison and strategic discussions.
  • 6The Office of the Chairman will focus on strategic direction, leadership, business performance, financial strength, and board governance.
  • 7Organizational changes are effective immediately as of February 19, 2013.

Frequently Asked Questions

The most significant leadership changes include the re-election of Michael A. Creel as CEO and A. James Teague as COO. Additionally, Randa Duncan Williams has been appointed as the non-executive Chairman of the Board.

The 'Office of the Chairman' is a new management oversight group composed of the Chairman of the Board, the CEO, and the COO. It was created to serve as a collective liaison with the Board and its committees, and to provide a venue for these key executives to discuss critical matters such as strategic direction, leadership, business performance, financial strength, and governance.

Yes, the filing indicates that the President role has been eliminated, with its former powers and responsibilities now incorporated into the Chief Executive Officer position. Both the CEO and COO report directly to the Board of Directors.

Ms. Williams' appointment as non-executive Chairman signifies a focus on strengthening corporate governance. Her role involves presiding over Board meetings, setting agendas, overseeing information flow to the Board, and acting as a liaison between the Board and senior management, aiming to ensure effective governance and alignment with the Partnership's goals.