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): March 9,
2009
Commission
File No. 001-10403
TEPPCO
Partners, L.P.
| (Exact name of Registrant as specified in its charter) |
|
Delaware
|
76-0291058
|
|
(State
or other jurisdiction
|
(I.R.S.
Employer
|
|
of incorporation)
|
Identification
Number)
|
1100
Louisiana Street, Suite 1300
Houston,
Texas 77002
(Address
of principal executive offices, including zip code)
(713)
381-3636
(Registrant's
telephone number, including area code)
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))
|
|
Item 5.02
|
Departure
of Directors or Certain Officers; Election of Directors; Appointment of
Certain Officers; Compensatory Arrangements of Certain
Officers.
|
Effective
March 9, 2009, the board of directors of our general partner appointed Murray H.
Hutchison as interim executive Chairman, with principal executive officer
authority. Jerry E. Thompson, president, chief executive officer and
member of the board of directors of our general partner, has taken a temporary
leave of absence for medical reasons, during which he is expected to remain
available on a limited basis. Mr. Thompson will retain his executive
authority and remain a director and is expected to return to his partnership
duties full-time. Mr. Hutchison will take a more active role in the daily
operation of the partnership and provide additional expertise in support of the
TEPPCO management team.
Mr.
Hutchison, age 70, was elected as a director of our general partner in March
2005. He has served as the Chairman of our general partner’s board of
directors since March 2006. In conjunction with the expansion of Mr. Hutchison’s
responsibilities, he has withdrawn from the board’s Audit, Conflicts and
Governance Committee, on which he had served since March 2006. Mr.
Hutchison is a private investor managing his own portfolio. He also
consults with corporate managements on strategic issues. Mr. Hutchison
retired in 1997 as chairman and chief executive officer of the IT Group
(International Technology Corporation) after serving in that position for over
27 years. Mr. Hutchison serves as chairman of the board of Huntington
Hotel Corporation, as lead director of Jack in the Box Inc., and as a director
on the boards of Cadiz Inc., The Olson Company, Cardium Therapeutics, Inc. and
The Hobbs Sea World Research Institute.
Mr.
Hutchison will receive compensation for his services as interim executive
Chairman of $25,000 per month plus reimbursement for reasonable expenses
incurred in the performance of his duties.
A copy of
the news release relating to this disclosure is furnished herewith as Exhibit
99.1.
This
report includes forward-looking statements that involve certain risks and
uncertainties, such as expectations regarding our chief executive officer and
other future events. These risks and uncertainties include, among
other things, factors discussed in our filings with the Securities and Exchange
Commission. If any of these risks or uncertainties materialize, or
should underlying assumptions prove incorrect, actual results or outcomes may
vary materially from those expected. We disclaim any intention or obligation to
update publicly or reverse such statements, whether as a result of new
information, future events or otherwise.
|
Item 9.01
|
Financial
Statements and Exhibits
|
|
(d)
|
Exhibits
|
|
99.1
|
Press
Release of TEPPCO Partners, L.P., dated March 12,
2009.
|
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.
| TEPPCO Partners, L.P. | |
| (Registrant) | |
| By: Texas Eastern Products Pipeline Company, LLC | |
| General Partner | |
| Date: March 12, 2009 | /s/ PATRICIA A. TOTTEN |
| Patricia A. Totten | |
| Vice President, General Counsel and Secretary |
| March 12, 2009 | CONTACTS: | Investor Relations – Mark G. Stockard |
| Phone: (713) 381-4707 | ||
| Toll Free: (800) 659-0059 | ||
| Media Relations – Rick Rainey |
| Phone: (713) 381-3635 |
TEPPCO
GENERAL PARTNER PRESIDENT AND CEO TAKES TEMPORARY LEAVE OF ABSENCE; CHAIRMAN OF
THE BOARD EXPANDS RESPONSIBILITIES
HOUSTON –
TEPPCO Partners, L.P. (NYSE:TPP) today announced that Jerry E. Thompson,
president, chief executive officer and director of its general partner, Texas
Eastern Products Pipeline Company, LLC, has taken a leave of absence for medical
reasons but will be available on a limited basis and is expected to return to
his duties. The board of directors of the general partner has taken
action to extend interim executive authority to Chairman Murray H.
Hutchison. In this capacity, Mr. Hutchison will take a more active
role in the daily operation of the partnership and provide additional expertise
in support of the TEPPCO management team.
Mr.
Hutchison is a private investor managing his own portfolio and also consults
with corporate managements on strategic issues. He retired in 1997 as
chairman and chief executive officer of the IT Group (International Technology
Corporation) after serving in that position for over 27 years. Mr.
Hutchison serves as chairman of the board of Huntington Hotel Corporation, as
lead director of Jack in the Box Inc., and as a director on the boards of Cadiz
Inc., The Olson Company, Cardium Therapeutics, Inc. and The Hobbs Sea World
Research Institute.
Mr.
Hutchison was elected as a director of TEPPCO’s general partner in March 2005
and has served as non-executive Chairman since March 2006. In
conjunction with the expansion of Mr. Hutchison’s responsibilities, he has
withdrawn from the board’s Audit, Conflicts and Governance Committee, on which
he had served since March 2006.
TEPPCO
Partners, L.P., is a publicly traded energy logistics partnership with
operations that span much of the continental United States. TEPPCO
owns and operates an extensive network of assets that facilitate the movement,
marketing, gathering and storage of various commodities and energy-related
products. The partnership’s midstream network is comprised of
approximately 12,500 miles of pipelines that gather and transport refined
petroleum products, crude oil, natural gas, liquefied petroleum gases (LPGs) and
natural gas liquids, including one of the largest common carrier pipelines for
refined petroleum products and LPGs in the United States. TEPPCO’s
storage assets include approximately 27 million barrels of capacity for refined
petroleum products and LPGs and about 14 million barrels of capacity for crude
oil. TEPPCO also owns a marine business that operates primarily on
the United States inland and Intracoastal Waterway systems, and in the Gulf of
Mexico. For more information, visit TEPPCO’s website
(www.teppco.com). Texas Eastern Products Pipeline Company, LLC, the
general partner of TEPPCO Partners, L.P., is owned by Enterprise GP Holdings
(NYSE: EPE).
This news release includes
forward-looking statements, such as expectations regarding our chief
executive officer and other future events. Except for the historical information
contained herein, the matters discussed in this news release are forward-looking
statements that involve certain risks and uncertainties. If any of these risks
or uncertainties materializes, or should underlying assumptions prove incorrect,
actual results or outcomes may vary materially from those expected. The
partnership disclaims any intention or obligation to update publicly or reverse
such statements, whether as a result of new information, future events or
otherwise.
###