Business Context and Reporting Period
This Form 8-K Current Report was filed by Suburban Propane Partners, L.P. on November 12, 2014. The report addresses corporate governance changes, specifically the election of a new member to the Board of Supervisors.
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 personnel and governance matters rather than financial performance.
Material Changes
The primary material change reported is the election of Michael A. Stivala, the Partnership's President and Chief Executive Officer, to the Board of Supervisors. This action fills the vacancy created by the retirement of former CEO Michael J. Dunn, Jr., which occurred on September 27, 2014. Mr. Stivala's election was effective immediately as of November 12, 2014.
Guidance, Outlook, and Management Commentary
- Term: Mr. Stivala was elected for a term expiring at the next Tri-Annual Meeting of Unitholders, scheduled for Spring 2015.
- Committee Service: It is not currently expected that Mr. Stivala will serve on any Board committees.
- Compensation: Mr. Stivala will not receive additional compensation for his Board service beyond his existing salary as President and CEO.
- Related Party Transactions: No transactions exceeding $120,000 involving Mr. Stivala or his immediate family have occurred since the beginning of the last fiscal year (September 29, 2013).
Investor Verification Checklist
- Confirm the effective date of Michael A. Stivala's Board membership (November 12, 2014).
- Verify the retirement date of Michael J. Dunn, Jr. (September 27, 2014).
- Review the attached Press Release (Exhibit 99.1) for additional details on the governance transition.
- Note that no financial data is included in this specific filing; refer to the most recent 10-Q or 10-K for financial metrics.