8-KLeadership Changes

Energy Transfer LP 8-K Report, Executive Changes (Jan 12, 2021)

Filed January 12, 2021For Securities:ETET-PI

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.

Frequently Asked Questions

Bradford D. Whitehurst has been appointed as the new Chief Financial Officer (CFO) of LE GP, LLC, the general partner of Energy Transfer LP, effective January 8, 2021.

Mr. Whitehurst will receive an annual base salary of $595,000. He is eligible for an annual bonus with a target of 130% of his base salary and long-term incentive awards with a target of 500% of his base salary. Both bonuses and LTIP awards are discretionary and based on partnership performance.

Thomas E. Long, the former CFO, has been promoted to Co-Chief Executive Officer, effective January 1, 2021. This indicates a broader leadership role for him within the company, with Marshall S. McCrea, III, also serving as Co-CEO.

Yes, Mr. Whitehurst has been with the General Partner as Executive Vice President – Head of Tax since August 2014 and has advised Energy Transfer and its subsidiaries on tax matters since 2006.