Westlake Chemical Partners LP 8-K, filed Apr 27, 2023
Westlake Chemical Partners LP (WLKP)
About this 8-K
Westlake Chemical Partners LP filed this 8-K on April 27, 2023.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On April 27, 2023, Westlake International Services Corporation, as sole member of Westlake Chemical Partners GP LLC (the “General Partner”), the general partner of Westlake Chemical Partners LP (the “Partnership”), appointed Ms. Lisa A. Friel to serve as an independent member of the General Partner’s board of directors (the “Board”). Ms. Friel is expected to be appointed by the Board to its Audit and Conflicts committees. Ms. Friel succeeds Ms. Angela A. Minas who, as previously disclosed, had informed the Board that she intended to resign from the Board effective upon the appointment of her successor. Ms. Minas’ retirement from the Board was not the result of any disagreement with the General Partner or the Partnership and was effective on April 27, 2023.
Ms. Friel was the Managing Partner of Ernst & Young LLP’s San Antonio, Texas office from July 2012 until her retirement in September 2020. Ms. Friel began her career with Ernst & Young LLP in 1988. She is currently the Chair of the Board of Directors for the United Way of San Antonio. Ms. Friel holds a bachelor’s of science degree in Accounting and Business Administration from the University of Kansas and is a Certified Public Accountant.
In connection with Ms. Friel’s services on the Board, she will receive compensation in accordance with the plans and programs more fully described in the Partnership’s Annual Report on Form 10-K, under the heading “Item 11 – Executive Compensation – Director Compensation.”
There are no arrangements or understandings between Ms. Friel and any other persons pursuant to which she was appointed as a director of the General Partner. There are no relationships between Ms. Friel and the Partnership or any related person of the Partnership that would require disclosure pursuant to Item 404(a) of Regulation S-K.
| Item 7.01. | Regulation FD Disclosure. |
On April 27, 2023, the Partnership issued a press release announcing that Ms. Friel had been appointed to the Board. A copy of the press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.
The information in this Item 7.01, including the attached Exhibit 99.1, is being “furnished” pursuant to General Instruction B.2 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and is not incorporated by reference into any Partnership filing with the Securities and Exchange Commission, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
The following exhibit is furnished herewith:
| 99.1 | Press release issued on April 27, 2023. | |
| 104 | The cover page from this Current Report on Form 8-K, formatted in Inline XBRL | |
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.
| WESTLAKE CHEMICAL PARTNERS LP | ||||||
| By: Westlake Chemical Partners GP LLC | ||||||
| Date: April 27, 2023 | By: | /s/ Albert Chao | ||||
| Albert Chao President, Chief Executive Officer and Director | ||||||
EXHIBIT 99.1
For Further Information Contact:
Media Relations – L. Ben Ederington – 713.585.2900
Investor Relations – Steve Bender – 713.585.2900
Westlake Chemical Partners Appoints Lisa Friel to Board of Directors
HOUSTON, April 27, 2023 – Westlake Chemical Partners (NYSE: WLKP) today announced that Ms. Lisa A. Friel has been appointed to the board of directors of its general partner, Westlake Chemical Partners GP LLC. She will replace Ms. Angela A. Minas, who previously informed the company that she would resign from the board effective upon the appointment of her successor.
Ms. Friel was the Managing Partner of Ernst & Young LLP’s San Antonio, Texas office from July 2012 until her retirement in September 2020. Ms. Friel began her career with Ernst & Young LLP in 1988. She is currently the Chair of the Board of Directors for the United Way of San Antonio. Ms. Friel holds a bachelor’s of science degree in Accounting and Business Administration from the University of Kansas and is a Certified Public Accountant.
“We are extremely grateful to Angela for her service on our board. We wish her the best in her future endeavors,” stated James Chao, Chairman of Westlake Chemical Partners GP LLC. “We are very pleased that Lisa Friel has been appointed to our board. We know that her business and accounting experience will add considerable value to the partnership.”
About Westlake Chemical Partners:
Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns an 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP’s assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.
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