UGI Corporation Announces Leadership Transition
December 12 2023 - 4:15PM
Business Wire
Mario Longhi Appointed Interim CEO
Roger Perreault to Step Down as President and
Chief Executive Officer
Company Reaffirms Fiscal 2024 Guidance
Previously Announced Strategic Alternatives
Review Process Ongoing
UGI Corporation (NYSE: UGI) (the “Company”) announced today that
Mario Longhi, incoming Chair of the Board of Directors, has been
named interim Chief Executive Officer. Roger Perreault has stepped
down as President and Chief Executive Officer and as a member of
the Board, effective immediately.
“I have worked closely with Mario over the years in our capacity
as directors and am confident in his ability to lead UGI on an
interim basis,” said Frank Hermance, Chairman of the Board. “On
behalf of the Board, I thank Roger for his many contributions and
years of service to UGI. Since joining the company in 2015, Roger
has served in a multitude of leadership roles at UGI, helping lead
the UGI International and AmeriGas transformation projects as well
as driving the development of renewable energy solutions. We wish
him the absolute best in the future.”
Mr. Longhi previously served as the Chief Executive Officer of
United States Steel Corporation, a leading integrated steel
producer. Mr. Longhi was formerly President and Chief Executive
Officer (September 2013 to February 2017), President and Chief
Operating Officer (June 2013 to September 2013), and Executive Vice
President and Chief Operating Officer (July 2012 to June 2013) of
United States Steel Corporation. Prior to United States Steel
Corporation, Mr. Longhi spent 23 years at Alcoa, Inc. where he
served in various leadership roles across multiple different global
business divisions. Mr. Longhi previously was a director of Harsco
Corporation, a global provider of environmental solutions for
industrial and specialty waste streams and innovative technologies
for the rail sector, and ITT Inc., a leading manufacturer of highly
engineered critical components and customized technology solutions
for the transportation, industrial, and oil and gas markets.
As previously announced, Mr. Longhi will succeed Mr. Hermance as
Chair of the UGI Board of Directors when Mr. Hermance retires from
his role at UGI’s Annual Shareholder Meeting in January 2024 in
compliance with the mandatory retirement age set forth in UGI’s
corporate governance documents.
“I am honored to take on the role of interim CEO and, given my
familiarity with the company, am confident this will be a seamless
transition for all of our stakeholders,” said Mr. Longhi. “As the
Board conducts its CEO search process, I look forward to working
closely with my fellow directors and the entire UGI leadership team
to continue our strategic review process, to best position UGI for
the long-term and support sustainable value creation for our
shareholders.”
As announced on August 30, 2023, the UGI Board of Directors has
initiated a process to evaluate potential strategic alternatives
focusing on the LPG business with the intent to unlock and maximize
shareholder value. In consultation with financial and legal
advisors, the UGI Board and management are considering a range of
strategic, operational and financial alternatives with the goal of
reducing UGI’s earnings volatility, strengthening its balance
sheet, optimizing the company's cost structure and re-aligning its
capital allocation priorities.
UGI also reaffirms its fiscal year 2024 guidance provided on
November 16, 2023. UGI expects to deliver adjusted EPS in the range
of $2.70 - $3.001 per diluted share for the fiscal year ending
September 30, 2024. This guidance range assumes normal weather and
the current tax regime.
About UGI Corporation
UGI Corporation (NYSE: UGI) is a distributor and marketer of
energy products and services in the US and Europe. UGI offers safe,
reliable, affordable, and sustainable energy solutions to customers
through its subsidiaries, which provide natural gas transmission
and distribution, electric generation and distribution, midstream
services, propane distribution, renewable natural gas generation,
distribution and marketing, and energy marketing services.
Comprehensive information about UGI Corporation is available on
the Internet at https://www.ugicorp.com
___________________________
1 Income taxes associated with pre-tax
adjustments determined using statutory business unit tax rates.
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