Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Effective January 28, 2020, the board of directors of Enterprise Products
Holdings LLC ("Enterprise GP"), the general partner of Enterprise Products
Partners L.P. (the "Partnership") elected each person named below to the new
officer position(s) set forth opposite his name:
Name Title
A. James Teague Co-Chief Executive Officer
W. Randall Fowler Co-Chief Executive Officer and Chief Financial Officer
R. Daniel Boss Executive Vice President - Accounting, Risk Control and
Information Technology
Christian M. Nelly Executive Vice President - Finance and Treasurer
Robert D. Sanders Executive Vice President, Asset Optimization
Harry P. Weitzel Executive Vice President, General Counsel and Secretary
Mr. Teague (age 74) most recently served as Chief Executive Officer of
Enterprise GP from January 2016 to January 2020 and has been a director of
Enterprise GP since November 2010. Mr. Teague previously served as the Chief
Operating Officer of Enterprise GP from November 2010 to December 2015 and
served as an Executive Vice President of Enterprise GP from November 2010 until
February 2013. He has served as Co-Chairman of the Capital Projects Committee
of Enterprise GP since November 2016. Mr. Teague served as an Executive Vice
President of Enterprise Products GP, LLC, the previous general partner of the
Partnership ("EPGP"), from November 1999 to November 2010 and additionally as a
director from July 2008 to November 2010 and as Chief Operating Officer from
September 2010 to November 2010. In addition, he served as Chief Commercial
Officer of EPGP from July 2008 until October 2010. Mr. Teague joined the
Partnership in connection with its purchase of certain midstream energy assets
from affiliates of Shell Oil Company in 1999. Mr. Teague also serves on the
board of directors of Solaris Oilfield Infrastructure, Inc.
In his new role, Mr. Teague will continue to be responsible for, among other
things, (a) managing the overall business and financial strategy of the
Partnership; (b) managing the day-to-day operations of the Partnership; (c) a
principal focus area of overseeing and providing strategic direction for the
Partnership, subject to board approval, in the areas of operations, commercial
activities, business development, health and safety; and (d) providing required
certifications as a co-principal executive officer of Enterprise GP regarding
disclosure controls and procedures and internal control over financial
reporting.
Mr. Fowler (age 63) was elected a director of Enterprise GP in September 2011
and served as its President from January 2016 to January 2020, having previously
served as Chief Administrative Officer from April 2015 to January 2016. Mr.
Fowler has served as Chief Financial Officer of Enterprise GP since August 2018,
having previously served as Executive Vice President and Chief Financial Officer
of Enterprise GP from November 2010 to March 2015 and as Executive Vice
President and Chief Financial Officer of EPGP from August 2007 to November 2010.
He has served as Co-Chairman of the Capital Projects Committee of Enterprise GP
since November 2016. Mr. Fowler served as Senior Vice President and Treasurer
of EPGP from February 2005 to August 2007. Mr. Fowler also previously served as
a director of EPGP from February 2006 to May 2010. Mr. Fowler, a Certified
Public Accountant (inactive), joined the Partnership as Director of Investor
Relations in January1999.
In his new role, Mr. Fowler will continue to be responsible for, among other
things, (a) managing the overall business and financial strategy of the
Partnership; (b) a principal focus area of overseeing and providing strategic
direction for the Partnership, subject to board approval, in the areas of
accounting, risk management, finance, treasury and cash management, information
technology, investor relations, and public relations; and (c) providing required
certifications as both (i) a co-principal executive officer of Enterprise GP and
(ii) the principal financial officer of Enterprise GP regarding disclosure
controls and procedures and internal control over financial reporting.
Each of Mr. Teague and Mr. Fowler will continue to participate in the Enterprise
GP management oversight group known as the Office of the Chairman.
Mr. Boss (age 44), a Certified Public Accountant, most recently served as Senior
Vice President (Accounting and Risk Control) of Enterprise GP from August 2016
to January 2020. Mr. Boss previously served as a Senior Vice President of
Enterprise GP from March 2015 to August 2016 with responsibility over its
regulated business.
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He also served as Vice President (Risk Control) from April 2013 to March 2015
and as Senior Director (Risk Control) from January 2010 to March 2013. While
serving in these positions, Mr. Boss was Chairman of the Partnership's Risk
Management Committee and had responsibilities for our marketing risk management
policies, transaction controls and derivatives and hedging strategies
compliance. Mr. Boss also served as Director (Volume Accounting) from November
2008 until January 2010, where he was responsible for gas marketing and
commodity derivatives accounting, hedging and reporting. Prior to joining the
Partnership, Mr. Boss held leadership positions with Merrill Lynch Commodities
and Dynegy Inc.
In his new role, Mr. Boss will be responsible for the overall leadership of the
Partnership's Accounting, Risk Control and Information Technology organizations.
Mr. Nelly (age 44) most recently served as Senior Vice President - Finance and
Treasurer of Enterprise GP from March 2019 to January 2020. Mr. Nelly is
responsible for managing Enterprise's financing activities, business planning
and analysis, credit, cash management, corporate risk and insurance, investor
relations and public relations groups. Mr. Nelly previously served as Vice
President and Treasurer from April 2015 to February 2019; Senior Director of
Finance from April 2011 until March 2015; and Director of Finance from January
2008 to March 2011. Prior to joining the Partnership, Mr. Nelly spent 10 years
with various corporate and investment banks where he executed transactions and
maintained relationships with midstream and upstream energy companies and gained
experience in strategic advisory, valuation, mergers and acquisitions, and
capital raising. Mr. Nelly earned a B.B.A. in Finance from the Hankamer School
of Business at Baylor University.
Mr. Sanders (age 67) most recently served as Senior Vice President, Asset
Optimization from January 2015 to January 2020. He served as Vice President,
Asset Optimization from June 2011 to January 2015. Mr. Sanders has served the
Partnership in several capacities, including as Director of Asset Optimization
from September 2006 to June 2011, Director of NGL Pipelines from December 2005
to September 2006, and Director of International Business from November 2004 to
December 2005. Mr. Sanders has been in the midstream oil and gas business for
over 35 years. Prior to joining the Partnership's predecessor in 1979, he worked
for the Texas Railroad Commission as an investigative auditor from 1976 to 1979.
Mr. Weitzel, (age 55) was elected a director of Enterprise GP and appointed a
member of its Capital Projects Committee in November 2016 and most recently
served as Senior Vice President, General Counsel and Secretary of Enterprise GP
from April 2016 to January 2020. He previously served as Senior Vice President,
Deputy General Counsel and Secretary of Enterprise GP from January 2015 to April
2016. Mr.Weitzel is responsible for all legal functions of the Partnership,
including securities, litigation, employment, mergers and acquisitions,
corporate governance and commercial transactions. Mr. Weitzel has extensive
experience as a commercial litigator, having practiced over 24 years in Texas
and California. He has successfully represented individual, corporate and
governmental clients as plaintiffs and defendants in a wide variety of
business-related matters. Mr. Weitzel has tried cases in state and federal
courts, as well as arbitrations under the American Arbitration Association, JAMS
and the International Chamber of Commerce. He has handled appeals in state and
federal courts. Prior to joining the Partnership, Mr. Weitzel was a commercial
litigation partner with Pepper Hamilton LLP in Irvine, California from October
2009 to December 2014.
On January 30, 2020, the Partnership issued a press release (the "Press
Release") announcing the changes described above. A copy of the Press Release
is filed herewith as Exhibit 99.1 and is incorporated herein by reference in its
entirety.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number Description of Exhibit
99.1 Press Release, dated January 30, 2020.
104 Cover Page Interactive Data File-the cover page interactive
data file does not appear in the Interactive Data File because
its XBRL tags are embedded within the Inline XBRL document.
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