01—Abstract
Summary
Summary of the 8-K filed June 3, 2026. Cited figures are marked; the original filing is the authoritative source.
Energy Transfer LP (ET) announced that Marshall S.
(“Mackie”) McCrea, III, Co-Chief Executive Officer, will retire on or before December 31, 2026. Mr. McCrea will continue in his leadership role and on the Board of Directors until his retirement, and will remain on the Board thereafter. This transition will result in Thomas E.
Long becoming the sole Chief Executive Officer. The company highlighted Mr. McCrea's significant contributions to its strategic vision, commercial development, and culture. In recognition of his service, the Compensation Committee has approved accelerated vesting of certain equity incentive awards as part of a separation agreement that includes restrictive covenants, a release of claims, and cooperation clauses.
02—Key points
Key Highlights
- Co-CEO Marshall S. McCrea, III announced his intention to retire by December 31, 2026.
- Thomas E. Long will assume the role of sole CEO upon Mr. McCrea's retirement.
- Mr. McCrea will continue as Co-CEO and a Board member until retirement, and will remain on the Board thereafter.
- The company cited Mr. McCrea's desire to pursue personal objectives and spend time with family as reasons for retirement.
- Accelerated vesting of a portion of Mr. McCrea's equity incentive awards is approved as part of a separation agreement.
- The separation agreement includes a 12-month restrictive covenant period (non-competition, non-solicitation) and a release of claims.
- Additional equity awards may accelerate based on the specific retirement date relative to December 5, 2026.
03—Questions
Frequently Asked Questions
What is the immediate impact of Mr. McCrea's retirement announcement on ET's leadership?
Mr. McCrea will continue as Co-Chief Executive Officer and a member of the Board of Directors until his retirement, which is expected on or before December 31, 2026. Thomas E. Long will transition to become the sole Chief Executive Officer upon Mr. McCrea's retirement. Mr. McCrea is expected to continue serving on the Board of Directors after his retirement.
What are the key terms of Mr. McCrea's separation agreement regarding compensation?
In recognition of his contributions, Mr. McCrea's separation agreement includes accelerated vesting of a portion of his outstanding equity incentive awards. Specifically, 10% of his unvested restricted units and cash restricted units will vest immediately in exchange for a release of claims, and an additional 50% will vest in consideration of restrictive covenants. Depending on his retirement date relative to December 5, 2026, his 2025 awards may also accelerate or continue vesting while he is on the Board.
What are the restrictive covenants included in the separation agreement?
The separation agreement includes a twelve (12) month period of restrictive covenants, commencing after Mr. McCrea's service on the Board terminates. These covenants cover non-competition and non-solicitation of customers and employees, a non-disparagement clause, and confirmation of obligations regarding proprietary and confidential information.
Will Mr. McCrea remain involved with Energy Transfer LP in any capacity after his retirement?
Yes, Mr. McCrea will continue to serve on the Board of Directors of Energy Transfer LP after his retirement from his executive role as Co-Chief Executive Officer.
04—Continue