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[March 06, 2014]
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.
(d) Exhibits 99.1 Press Release dated March 4, 2014 --------------------------------------------------------------------------------
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