8-KLeadership Changes

Energy Transfer LP 8-K Report, Executive Changes (Jun 4, 2018)

Filed June 4, 2018For Securities:ETET-PI

Summary

This 8-K filing from Energy Transfer LP (ET) reports changes to its Board of Directors. K. Rick Turner resigned from the Board of Directors of LE GP, LLC, the general partner of Energy Transfer Equity, L.P., effective June 1, 2018. Mr. Turner was a member of the audit committee and the Chairman of the compensation committee. The company stated that his resignation was not due to any disagreements regarding the Partnership's operations, practices, or policies. Concurrently, on June 4, 2018, Steven R. Anderson was appointed to the Board of Directors of LE GP. Mr. Anderson will fill the roles previously held by Mr. Turner, serving on the audit committee and as the Chairman of the compensation committee. His compensation will be consistent with other non-employee directors. The filing also confirms no reportable related-party transactions involving Mr. Anderson and no prior arrangements dictating his appointment.

Key Highlights

  • 1K. Rick Turner resigned from the Board of Directors of LE GP, LLC (general partner of ET) effective June 1, 2018.
  • 2Mr. Turner's resignation was stated to be voluntary and not due to disagreements with the company.
  • 3Steven R. Anderson was appointed to the Board of Directors of LE GP on June 4, 2018.
  • 4Mr. Anderson will serve on the audit committee and as Chairman of the compensation committee.
  • 5Mr. Anderson's compensation as a director will align with existing non-employee director compensation.
  • 6No reportable related-party transactions involving Mr. Anderson were disclosed.
  • 7The appointment of Mr. Anderson was made by the members of LE GP.

Frequently Asked Questions

According to the filing, K. Rick Turner's resignation was not due to any disagreement with Energy Transfer or its general partner relating to the operations, practices, or policies of the Partnership.

Steven R. Anderson was appointed to the Board of Directors of LE GP, the general partner of Energy Transfer Equity, L.P., to fill the vacancy left by Mr. Turner.

Mr. Anderson has been appointed to the Partnership's audit committee and will serve as the Chairman of the Partnership's compensation committee.

Steven R. Anderson will receive compensation consistent with that provided to other non-employee directors, as previously disclosed in the company's 2017 Annual Report on Form 10-K.