OILTANKING PARTNERS, L.P. FILES (8-K) Disclosing Change in Directors or Principal Officers, Financial Statements and Exhibits
(Edgar Glimpses Via Acquire Media NewsEdge) Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 4, 2014, Oiltanking Partners, L.P. (the "Partnership") announced that
Kenneth F. Owen will become President and Chief Executive Officer of OTLP GP,
LLC, the general partner of the Partnership ("General Partner"), effective March
4, 2014. Mr. Owen has also been appointed as a member of the Board of Directors
of the General Partner (the "Board"), as well as President, Chief Executive
Officer and as a member of the Board of Directors of Oiltanking Holding
Americas, Inc. ("OTA"), which is the sole member of the General Partner.
Anne-Marie Ainsworth resigned from her positions as President, Chief Executive
Officer and board member for the General Partner and OTA effective as of March
3, 2014. Ms. Ainsworth's resignation is not related to any disagreement with the
Board or management or regarding any matter relating to the Partnership's
operations, policies or practices.
Mr. Owen, age 40, served as the Vice President and Chief Financial Officer of
the General Partner and OTA from March 2011 to July 2013, and as Terminal
Manager for the Partnership's Houston terminals from July 2013 to March 2014.
Prior to joining OTA and the General Partner, Mr. Owen was employed in the
investment banking group with Citigroup Global Markets Inc. from October 2010 to
March 2011. From March 2005 through October 2010, Mr. Owen was employed in the
investment banking group with UBS Investment Bank. At both Citigroup Global
Markets Inc. and UBS Investment Bank, he focused primarily on the energy sector.
Prior to March 2005, Mr. Owen worked as an equity research analyst at UBS
Investment Bank and Credit Suisse.
Also on March 4, 2014, the Partnership announced that Christian Flach will
replace Carlin G. Conner as a director of the General Partner and Chairman of
the Board effective March 4, 2014. Mr. Flach is the Chief Executive Officer and
Member of the Executive Board of Marquard & Bahls A.G. ("M&B"). M&B is the sole
owner of Oiltanking GmbH, which is the sole owner of OTA. Mr. Conner previously
notified the Partnership of his intention to resign from his positions with M&B
and its affiliates, and his resignation as a member of the Board became
effective as of March 3, 2014. Mr. Conner's departure is not related to any
disagreement with the Partnership's directors or management or regarding any
matter relating to the Partnership's operations, policies or practices.
The General Partner does not expect that Mr. Owen or Mr. Flach will serve on any
committees of the Board, or receive any additional compensation in connection
with his service on the Board.
There are no understandings or arrangements between Mr. Owen or Mr. Flach and
any other person pursuant to which either of them was selected to serve as an
officer or director of the General Partner, other than the employment
relationships described above. There are no existing relationships between Mr.
Owen or Mr. Flach and the General Partner, the Partnership or any of the
Partnership's subsidiaries that would require disclosure pursuant to Item 404(a)
of Regulation S-K or any familial relationship that would require disclosure
under Item 401(d) of Regulation S-K.
Item 9.01 Financial Statements and Exhibits.
99.1 Press Release dated March 4, 2014
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