Form 8-K - Current report

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): July 15, 2024

Westlake Chemical Partners LP

(Exact name of registrant as specified in its charter)

Delaware

001-36567

32-0436529

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

2801 Post Oak Boulevard, Suite 600

Houston, Texas

77056

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (713) 585-2900

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:

☐

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(s)

Name of each exchange

on which registered

Common units representing limited partnership interests

WLKP

The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in 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.

On July 15, 2024, Westlake Chemical Partners LP (the “Partnership”) announced the following leadership transitions, effective July 15, 2024 (the “Effective Date”):

•

James Chao, formerly the Chairman of the Board of Directors (the “Board”) of Westlake Chemical Partners GP LLC, the general partner of the Partnership (the “General Partner”), transitioned to the position of Senior Chairman of the Board of the General Partner;

•

Albert Chao, formerly the President, Chief Executive Officer and Director of the General Partner, transitioned to the position of Executive Chairman of the Board of the General Partner; and

•

Jean-Marc Gilson was appointed as the President, Chief Executive Officer and Director of the General Partner.

In connection with his appointment as President and Chief Executive Officer of the General Partner, Mr. Gilson was also appointed as President and Chief Executive Officer of Westlake Corporation (“Westlake”), the indirect parent company of the General Partner.

Prior to joining the General Partner, Mr. Gilson (age 60) served as President, Chief Executive Officer and Representative Director of Mitsubishi Chemical Group Corporation (formerly known as Mitsubishi Chemical Holdings Corporation), an international producer of specialty chemicals and industrial products, from April 2021 until April 2024. From September 2014 until December 2020, Mr. Gilson served as Chief Executive Officer of Roquette Frères, a family-owned global leader in plant-based ingredients and a leading provider of pharmaceutical excipients. Before that, Mr. Gilson served as Vice-Chairman and Chief Operating Officer of NuSil Technology LLC, a global manufacturer of medical- and space-grade silicone technology. Earlier in his career, Mr. Gilson held various leadership roles at Dow Corning Corporation, including Executive Vice President, Specialty Chemicals Business, before becoming Chief Executive Officer of Avantor Performance Materials, Inc. Mr. Gilson holds a Master of Science in Chemical Engineering from the University of Liege in Belgium and a Master of Business Administration from the International Institute for Management Development in Switzerland.

There are no family relationships between Mr. Gilson and any director or executive officer of the General Partner. Mr. Gilson does not have any interest in any transactions with the Partnership requiring disclosure under Item 404(a) of Regulation S-K, and there are no arrangements or understandings between Mr. Gilson and any other person pursuant to which he was appointed as an officer of the General Partner.

Item 7.01.

Regulation FD Disclosure.

On July 15, 2024, the Partnership issued a press release announcing the leadership transitions. A copy of that press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are furnished herewith:


99.1		Press release issued July 15, 2024.

104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

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.


		WESTLAKE CHEMICAL PARTNERS LP

	By:	Westlake Chemical Partners GP LLC, its general partner

Date: July 15, 2024	By:	/s/ L. Benjamin Ederington
		L. Benjamin Ederington Executive Vice President, Performance and Essential Materials, General Counsel and Chief Administrative Officer

Exhibit 99.1

Westlake Chemical Partners Implements Succession Plan

Jean-Marc Gilson, Experienced Chemicals Industry Executive, Appointed Director, President and CEO

Albert Chao and James Chao to Remain Actively Engaged as Executive Chairman and Senior Chairman of the Board, Respectively

HOUSTON, July 15, 2024 – Westlake Chemical Partners GP LLC, the general partner of Westlake Chemical Partners LP (NYSE: WLKP), today announced that Jean-Marc Gilson, who most recently served as President and Chief Executive Officer of Mitsubishi Chemical Group Corporation, has been appointed to serve as President and Chief Executive Officer and to the Board of Directors of Westlake Chemical Partners GP LLC (the “Board”). Jean-Marc Gilson succeeds Albert Chao who will transition to become Executive Chairman of the Board and James Chao, the current Chairman of the Board, will become Senior Chairman of the Board. These appointments take effect today.

James Chao said, “This announcement is the culmination of a thoughtful succession planning process to position Westlake Chemical Partners for the future. We are incredibly proud of the company and culture we have built and believe Jean-Marc will fit in seamlessly as we continue to execute our successful strategy and family culture of long-term value creation to begin Westlake Chemical Partners’ next chapter.”

In connection with today’s announcement, Jean-Marc Gilson will also become President and CEO of Westlake Corporation (NYSE: WLK).

About Jean-Marc Gilson:

A seasoned leader in the chemical industry with a proven ability to deliver sustained financial performance, Jean-Marc Gilson, 60, most recently served as President and CEO of Mitsubishi Chemical Group Corporation, an international chemical company based in Japan with more than $30 billion in revenue.

From 2014 to 2020, Jean-Marc Gilson served as Chief Executive Officer of Roquette, a family-owned global leader in plant-based ingredients and a leading provider of pharmaceutical excipients. Before that, Mr. Gilson served as Vice-Chairman and Chief Operating Officer of NuSil Technology, a U.S.-based global manufacturer of medical- and space-grade silicone technology. Earlier in his career, Mr. Gilson held various leadership roles at Dow Corning, including Executive Vice President, Specialty Chemicals Business, before becoming CEO of Avantor Performance Materials.

Jean-Marc Gilson holds a Master of Science in Chemical Engineering from the University of Liège in Belgium and a Master of Business Administration from the International Institute for Management Development in Switzerland.

About Westlake Chemical Partners:

Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns a 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP’s assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

Contacts

Media Relations – L. Ben Ederington – 713.960.9111

Investor Relations – Steve Bender – 713.960.9111

Document and Entity Information	Jul. 15, 2024
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001604665
Document Type	8-K
Document Period End Date	Jul. 15, 2024
Entity Registrant Name	Westlake Chemical Partners LP
Entity Incorporation State Country Code	DE
Entity File Number	001-36567
Entity Tax Identification Number	32-0436529
Entity Address, Address Line One	2801 Post Oak Boulevard
Entity Address, Address Line Two	Suite 600
Entity Address, City or Town	Houston
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	77056
City Area Code	(713)
Local Phone Number	585-2900
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common units representing limited partnership interests
Trading Symbol	WLKP
Security Exchange Name	NYSE
Entity Emerging Growth Company	false