Business Context and Reporting Period
This Form 8-K was filed by Kinder Morgan, Inc. on December 11, 2015. The report addresses a corporate governance event involving the departure of a director from the Board of Directors.
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 a change in board composition and does not contain financial performance data.
Material Changes
The primary material change reported is the reduction of the Board of Directors from 16 to 15 members. This change occurred because Highstar Capital LP's funds, which previously held a minority stake in the company, now own less than 2.5% of the common stock following the exercise of contractual rights by secured parties. Consequently, Highstar lost its right to nominate a director under the shareholders agreement.
Outlook, Risks, and Management Commentary
Mr. Michael J. Miller, the nominee of Highstar Capital LP, tendered his resignation effective December 11, 2015. Management explicitly stated that Mr. Miller did not resign due to any disagreement with the Corporation regarding its operations, policies, or practices. No forward-looking guidance, risk factors, or unusual items were disclosed in this specific filing.
Key Facts for Investor Verification
- Highstar Capital LP's ownership stake in Kinder Morgan, Inc. has fallen below the 2.5% threshold required to nominate a director.
- Michael J. Miller has resigned from the Board of Directors effective December 11, 2015.
- The Board of Directors now consists of 15 members.
- The resignation was not caused by a disagreement with the company's management or operations.