CrossAmerica Partners LP (NYSE:CAPL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Departure of Certain Director
On and effective as of July 9, 2018, Jeremy L. Bergeron, director of the board of directors (the “Board”) of CrossAmerica GP, LLC, the general partner (the “General Partner”) of CrossAmerica Partners LP (the “Partnership”), resigned in his capacity as director of the Board as part of the previously disclosed planned leadership transition, decreasing the number of directors of the Board to eight.
Election of Officers
Also on July 9, 2018, the Board accepted the resignation of Jeremy L. Bergeron in his capacity as Chief Executive Officer of the General Partner, as part of the previously disclosed planned leadership transition.
Effective July 9, 2018, the Board appointed Gerardo Valencia as President and Chief Executive Officer of the General Partner. Mr. Valencia, has been serving as President of the General Partner and as director of the Board since March 1, 2018.
Gerardo Valencia (41), President and Chief Executive Officer. Mr. Valencia was appointed President of our General Partner, effective March 1, 2018 and President and Chief Executive Officer, effective July 9, 2018. Mr. Valencia also has served as director of the Board since March 1, 2018. Mr. Valencia worked for BP p.l.c. from May 1997 until February 2018 in a variety of positions, including retail operations, asset management, business development, and wholesale fuel sales and strategy for different markets around the globe. He was President of ampm, the convenience store subsidiary of BP p.l.c., head of sales and marketing for the U.S. West Coast and, in his last role within BP p.l.c., was responsible for retail strategy and implementation of programs across North America. He holds a master’s degree in business administration from the Kellogg School of Management and a bachelor of science degree in industrial and mechanical engineering from the Monterrey Institute of Technology in Mexico.
Mr. Valencia does not have an employment contract with the Partnership or its affiliates. As an employee of an affiliate of Circle K Stores, Inc. (“Circle K”), the indirect owner of the General Partner and a wholly owned subsidiary of Alimentation Couche-Tard Inc., Mr. Valencia provides services to the Partnership in accordance with the Amended and Restated Omnibus Agreement and the Partnership reimburses Circle K for such services as part of the Management Fee. The Partnership does not directly employ the officers of the General Partner and does not have control over their compensation. The officers of the General Partner are employed by Circle K, and they participate in Circle K’s employee benefit plans and arrangements. There are no family relationships between any of the appointed officers of the General Partner and any other director or executive officer of the General Partner. There are no relationships of the officers that would require disclosure to Item 404(a) of Regulation S-K.
About CrossAmerica Partners LP (NYSE:CAPL)
CrossAmerica Partners LP is a limited partnership engaged in the wholesale distribution of motor fuel, and the ownership and leasing of real estate used in the retail distribution of motor fuel. The Company operates in two segments: wholesale and retail. The Company’s sites are located in Pennsylvania, New Jersey, Ohio, New York, Massachusetts, Kentucky, New Hampshire, Maine, Florida, Maryland, Delaware, Tennessee, Virginia, Illinois, Indiana and West Virginia. The Company also distributes motor fuel in Georgia and North Carolina. It distributes motor fuels at approximately 1,100 sites located in over 20 states. In addition, the Company, through One Stop convenience stores network, owns over 40 stores in Charleston, West Virginia. The Company purchases branded and unbranded motor fuel from integrated oil companies, refiners and unbranded fuel suppliers. It owns or leases and operates convenience stores and retains all profits from motor fuel and convenience store operations.
