0001005210falseSUBURBAN PROPANE PARTNERS LP00010052102023-12-052023-12-05

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported)

December 5, 2023

Commission File Number: 1-14222

SUBURBAN PROPANE PARTNERS, L.P.

(Exact name of registrant as specified in its charter)

Delaware

 

22-3410353

(State or Other Jurisdiction

 

(IRS Employer

of Incorporation)

 

Identification No.)

 

240 Route 10 West

Whippany, New Jersey 07981

(973) 887-5300

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of exchange on which registered

Common Units

SPH

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 


ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

(b) On December 5, 2023, Suburban Propane Partners, L.P. (the “Partnership”) announced that Steven C. Boyd, its Chief Operating Officer, has declared his intention to retire effective January 1, 2025. Mr. Boyd has served in various leadership roles within the Partnership since 1997 and became its Senior Vice President – Operations in September 2015 and then its Chief Operating Officer in October 2017. Mr. Boyd has served the Partnership and all of its key stakeholders with an unwavering commitment to safety, employee development, operational excellence and growth.

(c) Simultaneously, the Partnership announced that Alejandro Centeno will serve as the successor to Mr. Boyd effective January 1, 2025. Mr. Centeno, 51, is currently Vice President of Operations and has held various leadership roles since joining the Partnership in July 2007.

Over the next twelve months, Messrs. Boyd and Centeno intend to work closely together to ensure a smooth transition of the operational leadership of the Partnership.

Mr. Centeno’s biographical information is set forth in the Partnership’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023, filed with the Securities and Exchange Commission on November 22, 2023. There are no transactions, since the beginning of the Partnership's last fiscal year (September 24, 2022), or any currently proposed transaction, in which the Partnership was or is to be a participant and the amount involved exceeds $120,000, and in which Mr. Centeno, or any immediate family member of Mr. Centeno, had or will have a direct or indirect material interest. Mr. Centeno has no family relationships with any supervisor, executive officer, or person nominated or chosen by the Partnership to become a supervisor or executive officer of the Partnership. There are no adjustments to Mr. Centeno’s compensation at this time.

A copy of the Partnership’s Press Release, dated December 5, 2023, announcing the transition of the Partnership’s operations leadership, has been furnished as Exhibit 99.1 to this Current Report.

 

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits.

99.1

Press Release of Suburban Propane Partners, L.P. dated December 5, 2023, announcing the Retirement of Steven C. Boyd Effective January 1, 2025.

104

 

Cover Page Interactive Data File (embedded within the Inline XBRL document).

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

December 5, 2023

 

SUBURBAN PROPANE PARTNERS, L.P.

 

 

 

 

 

By:

/s/ BRYON L. KOEPKE

Name:

Bryon L. Koepke

Title:

Vice President, General Counsel & Secretary

 


 

Exhibit 99.1

 

img179060442_0.jpg 

News Release

Contact: Michael A. Kuglin

Chief Financial Officer

& Chief Accounting Officer

P.O. Box 206, Whippany, NJ 07981-0206

Phone: 973-503-9252

 

FOR IMMEDIATE RELEASE

 

 

Suburban Propane Partners Announces that Steven C. Boyd, its Chief

Operating Officer, Will Retire Effective January 1, 2025

 

Whippany, New Jersey, December 5, 2023 -- Suburban Propane Partners, L.P. (NYSE:SPH), a nationwide distributor of propane, renewable propane, renewable natural gas, fuel oil and related products and services, as well as a marketer of natural gas and electricity and producer of and investor in low carbon fuel alternatives, announced today that Steven C. Boyd, its Chief Operating Officer, has declared his intention to retire effective January 1, 2025.

 

As part of an ongoing management succession plan developed by Michael Stivala, President and Chief Executive Officer, and the Board of Supervisors, the Partnership has identified Alejandro (“Alex”) Centeno as the successor to Mr. Boyd, effective January 1, 2025. Mr. Centeno, 51, is currently Vice President of Operations and has held various leadership roles since joining the Partnership in July 2007.

 

“In an organization with a track record for employee longevity and industry leadership, there are few people that have spanned so many roles in their career at Suburban Propane as Steve Boyd. Steve started his career as a Propane Delivery Driver over 37 years ago, advanced into several leadership roles in our field operations and has been a cornerstone of our leadership team for the better part of the past 20 years,” said Michael Stivala. “Steve has served Suburban Propane and all of its key stakeholders with an unwavering commitment to safety, employee development, operational excellence and growth. He has, and will continue to leave, an indelible mark on Suburban Propane and the entire propane industry.”

 

Mr. Stivala continued, “At Suburban Propane, we have a great history of developing our people and providing them opportunities to take on additional leadership responsibilities. Alex Centeno has been a proven leader in our organization throughout his career in several operational roles across multiple areas of the country. Over the next twelve months, Steve and Alex will work closely to ensure a smooth transition of the operational leadership of Suburban Propane, while maintaining the organization’s focus on safety, outstanding customer service and growth.”

About Suburban Propane Partners, L.P.

Suburban Propane Partners, L.P. is a publicly traded master limited partnership listed on the New York Stock Exchange under the ticker symbol SPH. Headquartered in Whippany, New Jersey, Suburban has been in the customer service business since 1928 and is a nationwide distributor of propane, renewable energy and related products and services, as well as a marketer of natural gas and electricity and producer of and investor in low carbon alternatives. The Partnership serves the energy needs of approximately 1 million residential, commercial, governmental, industrial and agricultural customers through approximately 700 locations across 42 states. The Partnership is supported by three core pillars: (1) Suburban Commitment


 

showcasing the Partnership's 95-year legacy, and ongoing commitment to the highest standards for dependability, flexibility, and reliability that underscores the Partnership's commitment to excellence in customer service; (2) SuburbanCares – highlighting the Partnership's continued dedication to giving back to local communities across the Partnership's national footprint and (3) Go Green with Suburban Propane - promoting the clean burning and versatile nature of propane and renewable propane as a solution to a green energy future and its commitment to investing in and developing the next generation of renewable energy.

 

For additional information on Suburban Propane, please visit www.suburbanpropane.com.

# # #


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