Summary
Energy Transfer LP (ET) filed an 8-K on April 22, 2019, to report the appointment of two new directors to the Board of Directors of LE GP, LLC, the general partner of ET. Thomas E. Long, who is already the Chief Financial Officer of LE GP, was appointed and will not receive additional compensation for his director role. Ray W. Washburne was also appointed and will receive compensation in line with other non-employee directors. These appointments are routine governance updates and do not appear to be related to any significant operational changes or financial distress at the time of the filing. Investors should note that Mr. Long's existing compensation arrangements continue, while Mr. Washburne's compensation will align with the existing structure for independent directors. The filing indicates no specific arrangements or understandings outside of the standard directorship responsibilities that led to these appointments.
Key Highlights
- 1Two new directors, Thomas E. Long and Ray W. Washburne, were appointed to the Board of Directors of LE GP, LLC (the general partner of ET).
- 2The appointments were made on April 16, 2019.
- 3Thomas E. Long, currently CFO of LE GP, will serve as a director without additional compensation.
- 4Ray W. Washburne will receive compensation as a director consistent with other non-employee directors.
- 5The appointments were made by the members of LE GP.
- 6The filing does not indicate any special arrangements or understandings tied to these appointments.
- 7Compensation details for directors are further disclosed in ET's Form 10-K for the year ended December 31, 2018.