8-KLeadership ChangesOther EventsExhibits & Filings

ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Executive Changes (Apr 24, 2014)

Filed April 24, 2014For Securities:EPDEPDU

Summary

This 8-K filing from Enterprise Products Partners L.P. (EPD) on April 24, 2014, primarily announces a significant change in its Board of Directors. The sole member of Enterprise Products Holdings LLC, Dan Duncan LLC, elected a new slate of directors for the general partner, effective April 24, 2014. This resulted in the departure of five existing directors, while eight were re-elected, and one new director, James T. Hackett, was appointed. The appointment of James T. Hackett, a seasoned executive with extensive experience in the energy sector, including his recent role as Executive Chairman and former CEO of Anadarko Petroleum Corporation, is a key development. His addition to the Board, particularly his appointment to the Governance Committee, suggests a potential focus on strategic oversight and governance enhancements. While some directors transitioned to advisory or honorary roles, the core changes in elected board membership are the most impactful for investors to note.

Key Highlights

  • 1Enterprise Products Partners L.P. announced a reconstitution of its Board of Directors, effective April 24, 2014.
  • 2Five existing directors (Richard H. Bachmann, Larry J. Casey, Dr. Ralph S. Cunningham, Rex C. Ross, and Edwin E. Smith) were not re-elected to the Board.
  • 3Eight existing directors were re-elected, and one new director, James T. Hackett, was appointed.
  • 4James T. Hackett brings significant energy industry experience, having served as Executive Chairman and CEO of Anadarko Petroleum Corporation.
  • 5Mr. Hackett was appointed to the Board's Governance Committee.
  • 6Two former directors, Larry J. Casey and Edwin E. Smith, were appointed as advisory directors with no voting rights.
  • 7The Audit and Conflicts Committee and the Governance Committee of the Board have been recomposed with new chairmen and members.

Frequently Asked Questions

The main reason for this filing is to announce significant changes to the composition of Enterprise Products Partners L.P.'s Board of Directors, effective April 24, 2014, following an election by the sole member of the general partner.

James T. Hackett is a new director appointed to the Board. He is a partner at Riverstone Holdings LLC and has extensive experience in the energy sector, notably serving as Executive Chairman and former CEO of Anadarko Petroleum Corporation. His appointment is significant due to his deep industry expertise and leadership background, and he has been placed on the Governance Committee.

Yes, two former directors, Larry J. Casey and Edwin E. Smith, who were not re-elected to the Board, have been appointed as advisory directors. They will not have voting rights in this capacity. Additionally, O. S. Andras will continue to serve as an honorary director.

The Audit and Conflicts Committee and the Governance Committee have been recomposed. E. William Barnett now chairs the Governance Committee, which includes the new director James T. Hackett. Charles E. McMahen remains Chairman of the Audit and Conflicts Committee.