Business Context and Reporting Period
This Form 8-K Current Report was filed by Suburban Propane Partners, L.P. on December 5, 2023. The filing addresses Item 5.02 regarding the departure of a senior officer and the appointment of a successor.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and personnel changes rather than financial performance.
Material Changes
The primary material change disclosed is the leadership transition within the operations division:
- Departure: Steven C. Boyd, Chief Operating Officer (COO), has announced his intention to retire effective January 1, 2025. Mr. Boyd has served the Partnership since 1997.
- Appointment: Alejandro Centeno, currently Vice President of Operations, will succeed Mr. Boyd as COO effective January 1, 2025. Mr. Centeno has been with the Partnership since July 2007.
- Transition Plan: The two executives intend to work closely together over the next twelve months to ensure a smooth transition of operational leadership.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of market risks. Regarding contingencies and unusual items:
- Compensation: There are no adjustments to Mr. Centeno's compensation at this time.
- Related Party Transactions: The Partnership confirmed no transactions exceeding $120,000 involving Mr. Centeno or his immediate family members since the beginning of the last fiscal year.
- Family Relationships: Mr. Centeno has no family relationships with any supervisor or executive officer of the Partnership.
Investor Verification Checklist
- Verify the effective date of the leadership transition (January 1, 2025).
- Review the biographical information for Alejandro Centeno in the Partnership's Annual Report on Form 10-K for the fiscal year ended September 30, 2023.
- Confirm the absence of any undisclosed related-party transactions involving the new COO.
- Monitor future filings for any changes to the transition timeline or compensation arrangements.