USD Partners LP (NYSE:USDP) 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.
Effective January 1, 2018, Adam Altsuler, Vice President and Chief Financial Officer of USD Group LLC including its predecessors (the Sponsor) and USD Partners GP LLC (the General Partner), the general partner of USD Partners LP (the Partnership), will become Senior Vice President and Chief Financial Officer of the General Partner, where he will oversee corporate finance, capital markets, accounting and investor relations activities. Mr. Altsuler served as Vice President and Chief Financial Officer of our General Partner since June 2014. Mr. Altsuler joined the Sponsor in April 2014 as Vice President, Finance. From 2009 to 2014, Mr. Altsuler served in various leadership roles at Eagle Rock Energy Partners, a master limited partnership headquartered in Houston, Texas, most recently serving as Vice President and Treasurer. Prior to joining Eagle Rock, Mr. Altsuler was an Investment Analyst at Kenmont Investments, an energy-focused hedge fund located in Houston, where he managed the fund’s master limited partnership investment portfolio from 2007 to 2009. Prior to Kenmont, Mr. Altsuler worked the majority of his career in investment banking with Donaldson, Lufkin and Jenrette/Credit Suisse First Boston and a boutique investment bank in Dallas and San Francisco. Mr. Altsuler graduated from the University of Texas at Austin with a BBA in Finance and received an MBA from Rice University, graduating Beta Gamma Sigma.
Also effective January 1, 2018, Jay Stanford, the Senior Director, Accounting and Financial Reporting of the Sponsor and the General Partner of the Partnership, will become the Vice President and Chief Accounting Officer of the Sponsor and the General Partner. In this role, Mr. Stanford will be responsible for overseeing the accounting and financial reporting functions in support of the Sponsor and the Partnership. Mr. Stanford, age 54, served as Senior Director, Accounting and Financial Reporting of the Sponsor and the Partnership since July 2017 and as Director, Financial Reporting for the Sponsor and the General Partner from November 2014 through July 2017, with responsibility for overseeing the accounting and SEC reporting functions of the Sponsor and the Partnership. From January 2005 through November 2014, Mr. Stanford held various management level positions with Enbridge Energy Company, Inc., the general partner of Enbridge Energy Partners, L.P., a master limited partnership headquartered in Houston, Texas, with responsibility for accounting and finance functions including: financial reporting, technical accounting, strategic planning, budgeting and forecasting, among other duties. Mr. Stanford has also held similar positions with responsibility for financial accounting and reporting activities with other public and private companies and began his career with KPMG LLP, where he served clients for five years in the banking and healthcare industries. Mr. Stanford is a Certified Public Accountant and Certified Global Management Accountant, a two time graduate of Texas Tech University where he received BBAs in Finance and Accounting and an active member of the American Institute of Certified Public Accountants.
In connection with Mr. Altsuler’s and Mr. Stanford’s promotions effective January 1, 2018, Mr. Altsuler will cease acting as the General Partner’s principal accounting officer.
Neither Mr. Stanford nor Mr. Altsuler was appointed to any arrangement or understanding with any other person.
Neither Mr. Stanford nor Mr. Altsuler has any family relationships with any director or executive officer of the General Partner, or any interest in any relationships or related person transactions with the General Partner, or the Partnership, required to be disclosed to Item 404(a) of Regulation S-K.
About USD Partners LP (NYSE:USDP)
USD Partners LP (USD Partners) is a fee-based, master limited partnership formed by US Development Group LLC (USD) to acquire, develop and operate energy-related logistics assets, including rail terminals and other midstream infrastructure. The Company conducts its business through two segments: Terminalling services and Fleet services. Its Terminalling services segment consists operations of Hardisty terminal, Casper terminal and Ethanol terminals. The Fleet services segment provides railcars and fleet services related to the transportation of liquid hydrocarbons and biofuels by rail. Its fleet consists of approximately 3,310 railcars, which it leased from various railcar manufacturers and financial entities. The Company’s principal assets consist of a crude oil origination terminal in Hardisty, Alberta, Canada; a crude oil terminal in Casper, Wyoming, and two unit train-capable ethanol destination terminals in San Antonio, Texas and West Colton, California.
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