Lon R. Greenberg
to retire as Chief Executive Officer in 2013
John L. Walsh
to be named UGI’s Chief Executive Officer
VALLEY FORGE, Pa.--(BUSINESS WIRE)--
UGI Corporation (NYSE: UGI) today announced that
Lon R. Greenberg
intends to retire as Chief Executive Officer in the spring of 2013. Mr.
Greenberg will continue to serve UGI as non-executive Chairman of its
Board of Directors. Mr. Greenberg will also continue to serve as
non-executive Chairman of the Boards of Directors of AmeriGas Propane,
Inc. and UGI Utilities, Inc.
John L. Walsh
, UGI’s President and Chief
Operating Officer, will be named President and Chief Executive Officer
of UGI upon Mr. Greenberg’s retirement.
Mr. Greenberg, 62, has been UGI’s Chief Executive Officer since 1995 and
Chairman of its Board of Directors since 1996. Mr. Greenberg joined UGI
in 1980 as Corporate Development Counsel and has served the company for
over three decades in various senior management roles including General
Counsel (1983-1987), Vice President – Legal and Corporate Development
(1987-1989), Senior Vice President – Legal and Corporate Development
(1989-1994), President (1994-2005) and Vice Chairman of the Board
(1995-1996).
Marvin O. Schlanger
, UGI’s Presiding Director, said “Lon’s time as CEO
will be remembered as one of truly remarkable growth and value creation
for UGI’s shareholders. UGI’s total shareholder return during Lon’s
tenure is nearly 900%, an average growth rate of over 14% per year. In
addition to this remarkable track record of financial success, Lon has
instilled a true culture of excellence at UGI and has developed a strong
management team that will serve UGI shareholders for the foreseeable
future. This team will be led by
John Walsh
, a talented executive and a
worthy successor to Lon as CEO. Although we wish Lon a long, happy and
healthy future retirement, we are very pleased that UGI shareholders
will continue to benefit from Lon’s leadership as the non-executive
Chairman of UGI’s Board of Directors.”
Mr. Walsh, 57, has been President and Chief Operating Officer of UGI
Corporation since 2005. Mr. Walsh also serves as a Director of UGI
Corporation and as Vice Chairman of the Boards of Directors of both
AmeriGas Propane, Inc. and UGI Utilities, Inc. In addition to his role
as UGI’s President and Chief Operating Officer, Mr. Walsh also serves as
UGI’s principal financial officer (since 2011) and previously served as
Chief Executive Officer of UGI Utilities, Inc. (2009-2011). Mr. Walsh
held various senior management positions at the BOC Group plc from 1986
to 2005, including Chief Executive of the Industrial and Special
Products Division (2001-2005). Prior to joining BOC, Mr. Walsh held
several management positions in planning, corporate development and
field operations at UGI and AmeriGas from 1981 to 1986.
Lon R. Greenberg
, Chairman and Chief Executive Officer of UGI, said, “I
am very pleased to announce
John Walsh
as my successor as UGI’s Chief
Executive Officer. John has been an invaluable resource to me personally
and to the company as a whole since he rejoined UGI in 2005 following a
stellar career at BOC. John is a well-rounded executive with both
financial and operations experience and I am confident that I will be
leaving the day-to-day operations of UGI in very capable hands when I
retire as CEO in the spring. I am also very pleased that I will continue
my association with UGI as the non-executive Chairman of the Board and I
look forward to contributing to the future success of the company in
that role.”
About UGI
UGI is a distributor and marketer of energy products and services.
Through subsidiaries, UGI operates natural gas and electric utilities in
Pennsylvania, distributes propane both domestically and internationally,
manages midstream energy and electric generation assets in Pennsylvania,
and engages in energy marketing in the Mid-Atlantic region. UGI, through
subsidiaries, is the sole General Partner and owns 26% of AmeriGas
Partners, L.P. (NYSE:APU), the nation's largest retail propane
distributor.
Comprehensive information about UGI Corporation is available on the
Internet at http://www.ugicorp.com.
Source: UGI Corporation