Business Context and Reporting Period
This Form 8-K Current Report was filed by Delek Logistics Partners, LP on February 12, 2025, regarding corporate governance changes effective on that date. The filing addresses the departure of an executive officer and the appointment of a successor.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figure disclosed relates to executive compensation:
- Severance Payment: $229,000 payable to the departing officer in four installments, contingent upon the execution and non-revocation of a release of claims.
Material Changes
The primary material change reported is a leadership transition within the executive team:
- Departure: Odely Sakazi departed the Partnership on February 12, 2025.
- Appointment: Reuven Spiegel, currently the Executive Vice President and Chief Financial Officer, was appointed as Executive Vice President, Delek Logistics, effective February 12, 2025.
- Future Transition: Mr. Spiegel is scheduled to transition out of his role as Chief Financial Officer on March 1, 2025.
Management Commentary and Risks
The filing includes biographical details regarding Mr. Spiegel's extensive experience, including his tenure as CFO since May 2020 and his previous roles as CEO of Israel Discount Bank Ltd. and IDB Bank of NY. There are no reportable transactions between Mr. Spiegel and the Partnership under Item 404(a) of Regulation S-K. No specific risks, contingencies, or unusual items were disclosed in this report.
Investor Verification Checklist
- Verify the identity and background of the incoming Executive Vice President, Reuven Spiegel.
- Confirm the timeline for the appointment of a new Chief Financial Officer to replace Mr. Spiegel after March 1, 2025.
- Monitor future filings for details on the interim financial leadership structure.