Business Context and Reporting Period
This Form 8-K Current Report was filed by CrossAmerica Partners LP on February 23, 2018, with the earliest event reported on that date. The filing details a planned leadership transition within the General Partner, CrossAmerica GP LLC, effective March 1, 2018.
Key Financial Metrics
This filing does not contain financial performance data. There are no disclosures regarding revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
- Resignation: Jeremy L. Bergeron resigned as President of the General Partner, effective March 1, 2018.
- Role Confirmation: Jeremy L. Bergeron was confirmed in his role as Chief Executive Officer of the General Partner.
- Appointment: Gerardo Valencia was appointed President of the General Partner, effective March 1, 2018.
- Board Expansion: Gerardo Valencia was appointed to the Board of Directors on February 26, 2018, effective March 1, 2018, increasing the total number of directors to nine.
Management Commentary and Risks
Management Background: Gerardo Valencia brings extensive experience from BP p.l.c., where he served in roles including President of ampm and head of sales and marketing for the U.S. West Coast. He holds an MBA from the Kellogg School of Management.
Compensation Structure: The Partnership does not directly employ the officers of the General Partner. Mr. Valencia is an employee of Circle K Stores, Inc. (a subsidiary of Alimentation Couche-Tard Inc.). His services are provided under an Omnibus Agreement and reimbursed as part of the management fee. The Partnership has no control over officer compensation.
Regulatory Disclosure: A press release regarding these changes was issued on February 27, 2018, pursuant to Regulation FD. The information in this report is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934.
Investor Verification Checklist
- Verify the effective date of the leadership changes (March 1, 2018).
- Confirm the new composition of the Board of Directors (nine members).
- Review the attached press release (Exhibit 99.1) for additional context on the strategic rationale.
- Note that the filing contains no financial updates; refer to the most recent 10-Q or 10-K for financial metrics.