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HOUSTON — Sam Susser is stepping down as chairman of the Sunoco LP board of directors eight months after taking the seat.
According to the company, Susser resigned from the board to pursue other business interests. He served as non-executive chairman of the partnership since August when Sunoco's parent company Energy Transfer Partners LP (ETP) acquired Susser Holdings Corp. Susser served as chairman and CEO of Susser Holdings, previous parent company of Stripes LLC and Stripes convenience stores.
Matthew S. Ramsey, a director of Sunoco LP since August, will take over as chairman. He was chair of the audit committee and served on the compensation board. In addition, Ramsey serves as director of Energy Transfer Equity LP and is chairman of its audit committee as well as a member of its compensation committee.
"I want to thank Sam for his outstanding work and wise counsel during the merger of Susser with ETP, and through the integration of Susser's businesses with our Sunoco Inc. retail marketing and wholesale fuel distribution business," said Kelcy L. Warren, chairman and CEO of ETP. "Sam, his family and team have built an exceptional convenience store and fuel supply business that is an outstanding addition to the Energy Transfer portfolio of assets. Over the years, the Susser organization has been one of the most visionary innovators in the c-store industry through its Stripes retail chain.
"Under Sam's leadership, Stripes grew from five stores when Sam joined the business in 1988 to a total of 650 stores, with 640 branded dealers, 12,000 employees and $6.8 billion in revenue. Stripes is a premier c-store in every market it serves, and Sunoco and Stripes are now well positioned to capitalize on the strong growth opportunities that Sam, his family and team have created for our brands in the Southwest and beyond," Warren continued. "We applaud him for these accomplishments, and we wish the best for his new business ventures."
Sunoco LP also announced the resignations of Marshall S. McCrea, Martin Salinas Jr. and William P. Williams from the board due to other commitments. As a result of their departures, James W. Bryant and Richard D. Brannon have been appointed to the board. They previously served on the board of directors for Regency Energy Partners LP. In addition, Brannon previously served on the board of directors for Sunoco LP.
Sunoco LP is a master limited partnership that primarily distributes motor fuel to convenience stores, independent dealers, commercial customers and distributors. The company also operates more than 150 convenience stores and retail fuel sites. Sunoco LP conducts its business through wholly owned subsidiaries, as well as through its 31.58-percent interest in Sunoco LLC, in partnership with an affiliate of its parent company ETP.
While primarily engaged in natural gas, natural gas liquids, crude oil and refined products transportation, ETP also operates a retail and fuel distribution business through its interest in Sunoco LLC, as well as wholly owned subsidiaries, Sunoco Inc. and Stripes LLC that operate approximately 1,100 convenience stores and retail fuel sites.