HOUSTON, April 30, 2015 /PRNewswire/ -- Sunoco LP (NYSE: SUN) ("SUN") announced today the appointment of Matthew S. Ramsey as Chairman of the Board. Mr. Ramsey succeeds Sam L. Susser, who has resigned from the Board to pursue other new business interests.
Mr. Ramsey has served as a director of Sunoco LP since August 2014, serving as chair of Sunoco LP's audit committee and serving on Sunoco LP's compensation committee. Mr. Ramsey also serves as a director of Energy Transfer Equity, L.P. (NYSE: ETE), and is chairman of the audit committee, as well as a member of the compensation committee.
Mr. Susser has served as Chairman of the partnership since August 2014, when SUN's parent, Energy Transfer Partners, L.P. (NYSE: ETP), acquired Susser Holdings Corporation, together with the general partner of SUN.
"I want to thank Sam for his outstanding work and wise counsel during the merger of Susser with ETP, and through the integration of Susser's businesses with our Sunoco Inc. retail marketing and wholesale fuel distribution business," said Kelcy L. Warren, Chairman and Chief Executive Officer of ETP.
"Sam, his family and team have built an exceptional convenience store and fuel supply business that is an outstanding addition to the Energy Transfer portfolio of assets. Over the years, the Susser organization has been one of the most visionary innovators in the C-store industry through its Stripes® retail chain.
"Under Sam's leadership, Stripes grew from five stores when Sam joined the business in 1988 to a total of 650 stores, with 640 branded dealers, 12,000 employees and $6.8 billion in revenue. Stripes is a premier C-store in every market it serves, and Sunoco and Stripes are now well-positioned to capitalize on the strong growth opportunities that Sam, his family and team have created for our brands in the Southwest and beyond. We applaud him for these accomplishments, and we wish the best for his new business ventures," Mr. Warren said.
The partnership also announced today the resignations of Marshall ("Mackie") S. McCrea, Martin Salinas, Jr., and William ("Bill") P. Williams from the Board.
As a result of their departures, James ("Jim") W. Bryant and Richard ("Dick") D. Brannon have been appointed to the Board. Mr. Bryant and Mr. Brannon previously served on the Board of Directors for Regency Energy Partners LP. Mr. Brannon also previously served on the Board of Directors for Sunoco LP.
Sunoco LP (NYSE: SUN) is a master limited partnership (MLP) that primarily distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors. SUN also operates more than 150 convenience stores and retail fuel sites. SUN conducts its business through wholly owned subsidiaries, as well as through its 31.58 percent interest in Sunoco, LLC, in partnership with an affiliate of its parent company, Energy Transfer Partners. While primarily engaged in natural gas, natural gas liquids, crude oil and refined products transportation, ETP also operates a retail and fuel distribution business through its interest in Sunoco, LLC, as well as wholly owned subsidiaries, Sunoco, Inc. and Stripes LLC that operate approximately 1,100 convenience stores and retail fuel sites. For more information, visit the Sunoco LP website at www.SunocoLP.com.
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Jessica Davila-Burnett, Public Relations Director
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SOURCE Sunoco LP