Sprague Resources LP Announces Chief Financial Officer Retirement and Appointment
September 18 2018 - 4:50PM
Sprague Resources LP (“Sprague” or the “Partnership”) (NYSE: SRLP)
announced today that Gary A. Rinaldi will be retiring from his
position as Senior Vice President, Chief Operating Officer and
Chief Financial Officer of its General Partner, a position he has
held with Sprague since July 2011 and with our predecessor
since April 2003. Mr. Rinaldi will remain with Sprague until
December 31, 2018 to assist with the transition of his
responsibilities. “I would like to thank Gary for being an
exceptional partner in leading Sprague over the past 15 years,”
said David Glendon, President and Chief Executive Officer.
Mr. Glendon added, “Since Gary’s arrival in 2003, the company’s
growth and expansion in our capabilities has been remarkable, and
Gary’s imprint can be found on virtually every facet of the
organization. In addition to directly overseeing many areas
of the business, he has been pivotal in our acquisition strategy
and successful execution. Gary’s tireless work ethic, and
commitment to Sprague and its people, position us to build on his
success for many years to come. On behalf of everyone at
Sprague, as well as our board of directors, we would like to thank
Gary for his valued service and dedication and we wish him the best
in his well-deserved retirement.”
Sprague also announced that Mr. David Long will replace Mr.
Rinaldi as Chief Financial Officer of its General Partner.
Mr. Long will join Sprague on December 3, 2018 and will assume the
role of Chief Financial Officer on January 1, 2019. The
General Partner does not intend to appoint a successor Chief
Operating Officer; President and CEO David Glendon will assume the
responsibilities of the COO role.
Mr. Long is currently Senior Vice President with Kinetico
Incorporated (“Kinetico”), a subsidiary of our Sponsor, Axel
Johnson, Inc. In June 2013, Mr. Long assumed responsibility
for Kinetico’s marketing, sales and business development activity
in North America. From February 2008 through June 2013, Mr.
Long served as Senior Vice President & Chief Financial Officer
of Kinetico where he led the finance and accounting
organization. Prior to Kinetico, from 1998 through 2008, Mr.
Long held a variety of roles at Sprague’s Predecessor, most
recently as Managing Director of Sales, Refined Products. Mr.
Long holds a Master of Finance degree from Boston College and a
Bachelor’s degree from the University of Maine. “David’s
broad experience, strong leadership skills, knowledge of Sprague,
and strategic capabilities make him well suited for his new
position and I am delighted to welcome him back to Sprague,” said
Mr. Glendon.
About Sprague Resources LPSprague Resources LP is engaged in the
purchase, storage, distribution and sale of refined petroleum
products and natural gas. The Partnership also provides storage and
handling services for a broad range of materials. More information
concerning Sprague can be found at www.spragueenergy.com.
Forward-Looking StatementsThis news release contains statements,
including with respect to our intentions not to appoint a successor
as Chief Operating Officer that are forward-looking in nature.
Sprague's future actions and actual results may differ materially
from those described or contemplated in the forward-looking
statements. The Partnership's actual results are subject to risks
and uncertainties, including those found in the Partnership's
reports filed with the SEC, including the information under the
heading 'Risk Factors' in its Annual Report on Form 10-K for the
year ended December 31, 2017, which information is incorporated
herein by reference.
Investor Contact:Susan Kelly Trahan+1
800.225.1560investorrelations@spragueenergy.com
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