8-KLeadership ChangesExhibits & Filings

ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Executive Changes (Oct 1, 2015)

Filed October 1, 2015For Securities:EPDEPDU

Summary

Enterprise Products Partners L.P. (EPD) announced on October 1, 2015, the appointment of two new members to the General Partner's Board of Directors: Carin M. Barth and William C. Montgomery. These appointments are effective immediately and are intended to bring diverse and valuable experience to the Partnership's oversight. Ms. Barth brings a background in private equity, finance, and public service, while Mr. Montgomery offers extensive experience in energy-focused investment banking and private equity. The addition of these directors is likely to enhance the Board's strategic guidance and governance, particularly given their deep involvement in the energy sector. Investors can view the press release associated with this announcement, attached as Exhibit 99.1, for further details on the backgrounds and expected committee assignments of Ms. Barth and Mr. Montgomery. Their compensation will align with that of existing non-employee directors.

Key Highlights

  • 1Carin M. Barth and William C. Montgomery appointed as new members to the General Partner's Board of Directors, effective October 1, 2015.
  • 2Ms. Barth has a background in private equity (LB Capital, Inc.) and served in finance roles in public service (Texas Southern University, U.S. Department of Housing and Urban Development).
  • 3Mr. Montgomery is a Managing Director at Quantum Energy Partners with significant investment banking experience, previously with Goldman Sachs.
  • 4Both new directors bring substantial experience in the energy sector.
  • 5Ms. Barth is expected to serve on the Board's Governance Committee.
  • 6Mr. Montgomery is expected to serve on the Board's Audit and Conflicts Committee.
  • 7Compensation for the new directors will be consistent with existing non-employee directors.

Frequently Asked Questions

The appointments of Carin M. Barth and William C. Montgomery are significant as they bring new expertise and perspectives to Enterprise Products Partners L.P.'s Board of Directors. Both individuals have extensive experience in private equity and the energy sector, which can contribute to enhanced strategic oversight and governance. Their committee assignments (Governance for Ms. Barth, Audit and Conflicts for Mr. Montgomery) suggest a focus on key areas of corporate responsibility and risk management.

Carin M. Barth is the founder and president of LB Capital, Inc., a private equity firm. She also has public sector finance experience. William C. Montgomery is a Managing Director at Quantum Energy Partners and has a long career in energy-focused investment banking, notably with Goldman Sachs.

The filing states that Ms. Barth and Mr. Montgomery will receive compensation for their services as directors consistent with that provided to the General Partner’s other non-employee directors, as previously disclosed in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014. There are no indications of special or additional compensation beyond the standard director fees.

The filing explicitly states that there are no arrangements or understandings between Ms. Barth or Mr. Montgomery and any other person pursuant to which she or he was elected as a director. This suggests that their appointments are based on their qualifications and the needs of the Board, rather than any pre-existing agreements that might present conflicts. Furthermore, Mr. Montgomery's expected role on the Audit and Conflicts Committee indicates the Board's intention to actively manage potential conflicts.