8-KLeadership ChangesExhibits & Filings

ENTERPRISE PRODUCTS PARTNERS L.P. 8-K Report, Executive Changes (Nov 8, 2016)

Filed November 8, 2016For Securities:EPDEPDU

Summary

Enterprise Products Partners L.P. (EPD) announced a significant change within its leadership structure via an 8-K filing on November 7, 2016. The most notable event is the election of Harry P. Weitzel, the Partnership's Senior Vice President, General Counsel, and Secretary, to an additional role as a member of the General Partner's Board of Directors. This move integrates deep legal expertise directly into the board's decision-making process, particularly concerning strategic legal matters and overall governance. Furthermore, the Board of Directors established a new Capital Projects Committee. This committee is tasked with reviewing and approving expenditures related to proposed capital projects across the Partnership and its subsidiaries. The formation of this committee signifies a focused approach to managing and overseeing significant investment decisions, aiming to enhance financial oversight and strategic capital allocation. The initial members appointed to this committee bring a diverse range of experience, with A. James Teague and W. Randall Fowler serving as co-chairmen.

Key Highlights

  • 1Harry P. Weitzel, EPD's General Counsel, was elected as an additional member to the General Partner's Board of Directors.
  • 2The election of Mr. Weitzel brings significant legal expertise to the Board, given his extensive background in commercial litigation and corporate law.
  • 3A new Capital Projects Committee has been established by the Board of Directors.
  • 4The Capital Projects Committee will be responsible for reviewing and approving expenditures for proposed capital projects.
  • 5The formation of the Capital Projects Committee indicates a strengthened oversight mechanism for significant investments.
  • 6Eight directors have been appointed as initial members of the Capital Projects Committee, including co-chairmen A. James Teague and W. Randall Fowler.
  • 7The press release announcing Mr. Weitzel's election was issued on November 8, 2016, and is attached as an exhibit.

Frequently Asked Questions

Harry P. Weitzel's election to the Board of Directors is significant because he also serves as the Partnership's Senior Vice President, General Counsel, and Secretary. This appointment brings extensive legal and governance expertise directly to the board's strategic decision-making, particularly concerning legal matters, compliance, and risk management relevant to capital projects and overall business operations.

The Capital Projects Committee has been established to provide a dedicated layer of review and approval for expenditures related to proposed capital projects undertaken by Enterprise Products Partners L.P. and its subsidiaries. This aims to ensure rigorous oversight of significant investments and capital allocation strategies.

The initial members of the Capital Projects Committee include Richard H. Bachmann, Carin M. Barth, W. Randall Fowler, James T. Hackett, Richard S. Snell, A. James Teague, Harry P. Weitzel, and Randa Duncan Williams. A. James Teague and W. Randall Fowler have been elected as the co-chairmen of this committee.

No, this specific 8-K filing primarily concerns the appointment of a new director and the formation of a board committee. It does not include any financial statements or report on changes to EPD's financial condition. The main exhibit provided is a press release announcing the director appointment.