Summary
This 8-K filing from Energy Transfer LP (ET) dated February 14, 2013, announces the immediate resignation of Ray C. Davis from the Board of Directors of LE GP, LLC, the general partner of Energy Transfer Equity, L.P. The company explicitly states that Mr. Davis's departure was not prompted by any disagreements concerning the operations, practices, or policies of the Partnership. This development, while a change in board composition, is presented as an amicable separation. Kelcy L. Warren, ETE's chairman of the board, expressed gratitude for Mr. Davis's "valuable service" and acknowledged his significant role as a "friend and co-founder" in guiding Energy Transfer's growth from a small pipeline company to its current "large and multi-faceted organization." The statement aims to reassure investors that the resignation is a strategic or personal decision by Mr. Davis and not indicative of underlying issues within the company's management or operations.
Key Highlights
- 1Ray C. Davis has resigned from the Board of Directors of LE GP, LLC, the general partner of Energy Transfer Equity, L.P.
- 2The resignation is effective immediately as of February 13, 2013.
- 3The company states that Mr. Davis's resignation was not due to any disagreement with the Partnership or LE GP regarding operations, practices, or policies.
- 4Kelcy L. Warren, ETE's chairman, thanked Mr. Davis for his years of service and contributions.
- 5Mr. Davis is described as a "friend and co-founder" who helped grow the company significantly.