Summary
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.
Key Highlights
- 1Co-CEO Marshall S. McCrea, III announced his intention to retire by December 31, 2026.
- 2Thomas E. Long will assume the role of sole CEO upon Mr. McCrea's retirement.
- 3Mr. McCrea will continue as Co-CEO and a Board member until retirement, and will remain on the Board thereafter.
- 4The company cited Mr. McCrea's desire to pursue personal objectives and spend time with family as reasons for retirement.
- 5Accelerated vesting of a portion of Mr. McCrea's equity incentive awards is approved as part of a separation agreement.
- 6The separation agreement includes a 12-month restrictive covenant period (non-competition, non-solicitation) and a release of claims.
- 7Additional equity awards may accelerate based on the specific retirement date relative to December 5, 2026.