x

Posted 12 April, 2021

UGI CORP /PA/ appointed new CEO

CEO Change detected for ticker NYSE:UGI in a 8-K filed on 12 April, 2021.


  On April 12, 2021, UGI Corporation (the "Company") announced that its President and Chief Executive Officer, John L. Walsh, age 65, intends to retire on June 25, 2021.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of UGI CORP /PA/
Companies on the Energy Service • Gas Utilities
UGI Corp. is a holding company, which engages in the distribution, transportation, storing, and marketing of energy products and services. It operates through the following segments: AmeriGas Propane, UGI International, Midstream and Marketing, Utilities, and Corporate and Other. The AmeriGas Propane segment consists of the propane distribution business of AmeriGas Partners. The UGI International segment focuses on LPG distribution businesses conducted by its subsidiaries and affiliates. The Midstream and Marketing segment is involved in the energy-related businesses through its wholly owned subsidiary, Energy Services. The Utilities segment includes the natural gas and electricity distribution businesses directly and through its wholly owned subsidiaries. The Corporate and Other segment refers to the net expenses of captive general liability insurance company, corporate headquarters facility, and unallocated corporate and general expenses. The company was founded on June 1, 1882, and is headquartered in King of Prussia, PA.
Market Cap
$7.11B
View Company Details
UGI CORP /PA/ by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


On April 12, 2021, UGI Corporation (the "Company") announced that its President and Chief Executive Officer, John L. Walsh, age 65, intends to retire on June 25, 2021. In connection with Mr. Walsh's retirement, the Company's Board of Directors adopted a management succession plan under which Mr. Walsh will serve as a non-executive Director following his retirement as President and Chief Executive Officer. Under the succession plan, Roger Perreault, age 57, will be named President and Chief Executive Officer and a member of the Board of Directors of the Company upon Mr. Walsh's retirement. Mr. Perreault currently serves as the Company's Executive Vice President, Global LPG (since 2018), and President of the Company's subsidiary, UGI International, LLC (since 2015). 


Prior to joining the Company in 2015, Mr. Perreault spent 21 years at Air Liquide, a world leader in gases, technologies and services for industry and health, where he served in various leadership positions globally. At Air Liquide, Mr. Perreault was President of its large industries business, and prior to that, was responsible for Air Liquide's North American large industries business. The large industries business line provides comprehensive gas and energy solutions to customers in the metals, chemicals, refining and energy industries. 


A copy of the Company's press release announcing the foregoing is furnished as Exhibit 99.1 to this Current Report on Form 8-K.


Effective upon his promotion, the Company has agreed to pay Mr. Perreault an annual base salary of $900,000. In addition, Mr. Perreault will continue to participate in the Company's annual bonus plan. His target annual bonus plan opportunity in his new role, as a percentage of annual base salary, will be 120%, prorated for fiscal year 2021 based on his promotion date. Mr. Perreault also will continue to participate in the Company's long-term compensation plans, the UGI Corporation 2013 Omnibus Incentive Compensation Plan and the UGI Corporation 2021 Incentive Award Plan (the "2021 Plan"). The Company's Board of Directors approved a promotional equity award to Mr. Perreault under the 2021 Plan to be effective upon the effective date of his promotion, with an aggregate value of $1,227,500. Such award will consist of the following:


(1) approximately 50% performance units with dividend equivalents that may be earned at the end of the 2021-2023 measurement period based on the Company's total shareholder return ("TSR") relative to the TSR of the companies in in a pre-determined peer group;


(2) approximately 25% stock options with a ten-year term that will vest in equal thirds over a three-year period beginning on the anniversary of the date of grant, with an option price equal to the fair market value of a share of the Company's common stock on the date of grant; and


(3) approximately 25% restricted stock units with dividend equivalents that will vest on the third anniversary of his promotion date, with each stock unit representing a time-restricted share of UGI Corporation common stock.


Other than as described herein, Mr. Perreault's compensation and benefits are as described in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2020.