Harold R. Logan, chairman of the partnership’s board of supervisors, illustrated this alteration as the major part of an organization’s succession plan, developed by the compensation committee of the partnership’s board of supervisors and Alexander, to make sure that the executive leadership of the partnership evolves in a clearly defined and disciplined manner. Logan highlights that, as a consultant to the board, Alexander’s broad managerial experience and professional insights will carry on being available to the partnership.
Dunn became president of the partnership in May 2005. Earlier to that, he served as senior vice president (SVP), SVP-corporate development and vice president (VP)-procurement and logistics of the partnership. Before joining the partnership in March 1997, he was VP of commodity trading for the investment banking firm of Goldman Sachs & Company. Dunn has served on the partnership’s board of supervisors ever since July 1998, and will contest in the election of Supervisor at the 2009 tri-annual meeting of the partnership’s common unitholders, currently planned for July 22, 2009.
Alexander has served as the partnership’s only CEO, and as a supervisor, ever since the partnership went public in 1996. Dunn has worked closely with Alexander all through his term.
Concurrently it was announced that Alexander will not contest in the election as a supervisor at the tri-annual meeting.
In making this statement, Logan said, We are extremely grateful to Mark Alexander for his outstanding service to Suburban Propane. He and Michael Dunn have built a very strong organization since 1997 and have shaped our current operating and financial structure to be one of the strongest in the propane industry, as well as the MLP environment in general. These talented executives will continue to work closely together for the remainder of the current fiscal year to ensure a smooth transition of the chief executive officer responsibilities.
