USD Partners and USD Group Announce Chief Financial Officer Transition

Rhea-AI Summary

USD Partners LP (USDP) and US Development Group, LLC announced the resignation of the Executive Vice President, Chief Financial Officer, and the promotion of two new executives. The departing CFO will join the Board of Directors of USD Group. The new appointments bring extensive experience to their new roles, ensuring a smooth transition for the company.

HOUSTON--(BUSINESS WIRE)-- USD Partners LP (OTC: USDP) (the “Partnership”) and US Development Group, LLC (“USD Group”), which owns the general partner of the partnership, announced today that Adam Altsuler, the Partnership’s and USD Group’s Executive Vice President, Chief Financial Officer, has resigned his position effective February 2, 2024, in order to pursue other opportunities.

The Partnership and USD Group also announced that Kyle Schornick, USD Group’s Vice President, Finance will be promoted to Senior Vice President, Chief Financial Officer of both the Partnership and USD Group, and Amanda Wendell, USD Group’s Vice, President, Accounting and Controller, will be promoted to Senior Vice President, Chief Accounting Officer of both the Partnership and USD Group.

Concurrent with his departure, Mr. Altsuler has been appointed to the Board of Directors of USD Group and will remain deeply involved in USD Group’s and the Partnership’s business going forward. Mr. Altsuler’s continued involvement through the USD Group Board of Directors, together with Mr. Schornick’s and Ms. Wendell’s many years of experience in leadership roles within the finance and accounting organizations of USD Group, will continue to benefit the Partnership and USD Group during this transition.

Dan Borgen, USD Group’s and the Partnership’s Chief Executive Officer and President, said, “On behalf of the Boards of Directors of both USD Group and the Partnership’s general partner, I want to thank Adam for his many contributions during his more than 10-year tenure at USD. We are excited that he will remain a part of the USD Group family and look forward to his contributions to the USD Group Board of Directors. We are also fortunate to have a deep bench of talent in our finance and accounting groups that allows us to be able to immediately promote Kyle and Amanda to fill the Chief Financial Officer and Chief Accounting Officer roles.”

About USD Partners LP and US Development Group, LLC

USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USD Group”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. USD Group is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USDG solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USDG, along with its partner Gibson Energy, Inc., is pursuing long-term solutions to transport heavier grades of crude oil produced in Western Canada through its Diluent Recovery Unit adjacent to the Partnership’s Hardisty rail terminal. USDG is also currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including statements with respect to business prospects of the Partnership and USD Group. Words and phrases such as “plans,” “will,” “could” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to the Partnership and USD Group are based on management’s expectations, estimates and projections about the Partnership and USD Group, their respective interests and the energy industry in general on the date this press release was issued. These statements, as well as statements about past performance, are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include those as set forth under the heading “Risk Factors” and elsewhere in the Partnership’s most recent Annual Report on Form 10-K and in its subsequent filings with the Securities and Exchange Commission and public announcements. The Partnership is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240201659274/en/

Kyle Schornick

Vice President, Finance

(832) 991-8575

kschornick@usdg.com



Jennifer Waller

Sr. Director, Financial Reporting and Investor Relations

(832) 991-8383

jwaller@usdg.com

Source: USD Partners LP

FAQ

Who resigned from USD Partners LP and USD Development Group, LLC?

Adam Altsuler, the Executive Vice President, Chief Financial Officer

Who is the new Senior Vice President, Chief Financial Officer?

Kyle Schornick

Who is the new Senior Vice President, Chief Accounting Officer?

Amanda Wendell

What position will Adam Altsuler take after his resignation?

Board of Directors of USD Group

Who is the Chief Executive Officer and President of USD Group and the Partnership?

Dan Borgen