8-K: Ferrellgas Partners Announces CFO Michael E. Cole's Retirement

Ferrellgas Partners, L.P. announced the retirement of its Chief Financial Officer and Treasurer, Michael E. Cole, effective May 2, 2025.

Summary

• Ferrellgas Partners, L.P. announced that Michael E. Cole, Chief Financial Officer and Treasurer, will retire effective May 2, 2025.
• Mr. Cole's retirement is not due to any disagreements with the company.
• The company has retained Moelis & Company LLC to advise on financial strategies and will begin a search for a new CFO.
• Ferrellgas serves propane customers in all 50 states, the District of Columbia, and Puerto Rico.
• Its Blue Rhino exchange brand is sold at more than 65,000 locations nationwide.
• Ferrellgas employees indirectly own 1.1 million common units of the partnership through an employee stock ownership plan.

Sentiment

Score: 6

Explanation: The announcement is neutral, focusing on the retirement of the CFO and the company's plans to find a replacement. There are no indications of financial distress or significant operational issues.

Positives

• The company is actively searching for a new CFO to build upon a strong foundation.
• Ferrellgas has a widespread presence, serving customers in all 50 states, the District of Columbia, and Puerto Rico.
• Employee ownership through the stock ownership plan aligns employee interests with the company's success.

Risks

• The departure of the CFO could create a period of uncertainty until a suitable replacement is found.
• The search for a new CFO could be time-consuming and costly.

Future Outlook

The company will continue its relationship with Moelis & Company LLC while searching for a new CFO.

Management Comments

• Tamria Zertuche, President and CEO for Ferrellgas, thanked Michael Cole for his contributions and leadership.
• Ms. Zertuche highlighted Cole's impact on Ferrellgas and his focus on building a strong Finance and Accounting team.

Industry Context

The announcement comes as Ferrellgas continues to operate as a technology-enabled logistics company and nationwide distributor of propane and related products and services.

Management Changes

Stakeholder Impact

• Shareholders may experience short-term uncertainty due to the CFO's departure.
• Employees in the Finance and Accounting team may see changes in leadership and responsibilities.
• Customers and suppliers are unlikely to be directly affected by this change.

Next Steps

• Ferrellgas will initiate a search for a new CFO.
• The company will continue its relationship with Moelis & Company LLC for financial advice.

Key Dates

Keywords

Ferrellgas, CFO, retirement, Michael E. Cole, propane, Blue Rhino, financial strategies, Moelis & Company, employee stock ownership plan