Summary
Energy Transfer LP (ET) announced a significant leadership change within its executive team through an 8-K filing on January 11, 2021. The most impactful news for investors is the appointment of Bradford D. Whitehurst as the new Chief Financial Officer (CFO) of LE GP, LLC, the general partner of ET. Mr. Whitehurst, who previously served as Executive Vice President – Head of Tax, brings extensive experience in partnership taxation, having advised ET since 2006. His appointment is effective immediately as of January 8, 2021. This CFO transition follows an earlier, effective January 1, 2021, promotion of Thomas E. Long, the former CFO, to Co-Chief Executive Officer, alongside Marshall S. McCrea, III. The filing also details Mr. Whitehurst's compensation package, including a base salary of $595,000, a target annual bonus of 130% of base salary, and a target long-term incentive award of 500% of base salary, emphasizing performance-based incentives. Investors should note the continuity in leadership and the alignment of executive compensation with company performance.
Key Highlights
- 1Bradford D. Whitehurst appointed as Chief Financial Officer (CFO) of LE GP, LLC, effective January 8, 2021.
- 2Mr. Whitehurst has extensive experience in partnership taxation, advising Energy Transfer since 2006.
- 3Thomas E. Long, former CFO, was promoted to Co-Chief Executive Officer effective January 1, 2021.
- 4Mr. Whitehurst's annual base salary is set at $595,000.
- 5Target annual bonus is 130% of base salary, with actual payments discretionary and based on performance.
- 6Target long-term incentive award is 500% of base salary, discretionary and performance-based.
- 7Mr. Whitehurst continues to serve on the board of directors of USA Compression Partners, LP.