Business Context and Reporting Period
This Form 8-K Current Report was filed by Suburban Propane Partners, L.P. on July 22, 2009. The filing amends and supplements a previous report dated April 23, 2009, regarding executive leadership transitions. Specifically, it details compensation decisions made by the Compensation Committee of the Board of Supervisors at a meeting held on July 22, 2009, effective August 1, 2009.
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 executive compensation adjustments.
Material Changes
The primary material change reported is the adjustment of annual base salaries and bonus structures for three key officers, effective August 1, 2009:
- Michael J. Dunn, Jr. (President and incoming CEO): Annual base salary increased from $425,000 to $475,000.
- Michael A. Stivala (CFO and Chief Accounting Officer): Annual base salary increased from $260,000 to $275,000 due to increased responsibilities.
- Michael M. Keating (promoted to Senior Vice President, Administration): Annual base salary increased from $225,000 to $260,000, and bonus percentage increased from 65% to 70%.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on financial performance, risks, contingencies, or unusual items. The document is strictly limited to reporting the compensation determinations for the named officers.
Investor Verification Checklist
- Verify the effective date of the salary increases (August 1, 2009).
- Confirm the specific new compensation figures for Michael J. Dunn, Jr., Michael A. Stivala, and Michael M. Keating.
- Note that Mark A. Alexander is scheduled to step down as CEO on September 26, 2009, with Michael J. Dunn, Jr. assuming the role.