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UGI Corp. elects directors, establishes board succession plan

December 23, 2019 By    

UGI Corp. elected William Marrazzo and K. Richard Turner as directors of UGI Corp. and its wholly owned subsidiary UGI Utilities Inc.

Both Marrazzo and Turner served as directors of AmeriGas Propane Inc., the general partner of AmeriGas Partners LP, until the closing on Aug. 21 of the merger transaction in which UGI acquired 100 percent of the publicly held common units of AmeriGas Partners.

With the transaction complete, AmeriGas is no longer a master limited partnership (MLP) and is a wholly owned subsidiary of UGI.

“On or about Aug. 22,” AmeriGas planned to direct the New York Stock Exchange (NYSE) to file a Form 25 with the Securities and Exchange Commission to start the process of delisting the company’s common units from the NYSE and deregistering such common units.

Marrazzo is CEO and president of WHYY Inc., a public television and radio company in the nation’s fourth-largest market. Previously, he was CEO and president of Roy F. Weston Inc., a publicly traded corporation, served as water commissioner for the Philadelphia Water Department and was managing director for the city of Philadelphia.

In addition to his service on the AmeriGas Propane Inc. board of directors, Marrazzo previously served as a member of the board of American Water Works Co. Inc. and as a director of Woodard & Curran, a national engineering firm.

Turner is managing director of Altos Partners, formerly Altos Energy Partners, a private equity firm, after having retired as senior managing director from the Stephens Group LLC, a private, family-owned investment firm.

In addition to his prior service on the AmeriGas Propane Inc. board of directors, he previously served as a member of the boards of the general partner of Energy Transfer Equity LP, Sunoco LP, Energy Transfer Partners LP, Laney Directional Drilling LLC and North American Energy Partners Inc.

As part of its ongoing board succession planning, Marvin Schlanger has informed the board of his intention to retire from his position as chairman of the board of UGI at the annual meeting of shareholders to be held in January 2021.

Frank Hermance has been nominated to succeed Schlanger as chairman of the board following the 2020 annual meeting of shareholders. In order to facilitate the transition, Schlanger has been nominated to serve as vice chairman following the 2020 annual meeting until his retirement in 2021.

Hermance is the retired chairman and CEO of AMETEK Inc., a global manufacturer of electronic instruments and electromechanical devices. He previously served as AMETEK’s president and CEO. Hermance has served as a director of UGI and of UGI Utilities Inc. since 2011 and as a director of AmeriGas Propane Inc. from 2018 to 2019. Hermance also serves as director emeritus of the Greater Philadelphia Alliance for Capital and Technologies, as vice chairman of the World Affairs Council of Philadelphia and as an advisory board member at American Securities LLP, a private equity firm. He previously served as a member of the board of trustees of the Rochester Institute of Technology.

“We are very pleased that Frank Hermance has agreed to serve as chairman of the UGI board,” Schlanger comments. “His experience as a chief executive and chairman of a global, technology-focused company makes him particularly well suited to guide UGI in 2020 and beyond. I look forward to working with Frank in the coming year to ensure an effective transition.”

*Featured image: arthobbit/iStock/Getty Images

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