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NuStar Energy L.P. Announces Retirement of Revered Director and Addition of Two New Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
The board of NuStar Energy L.P. has announced the retirement of James "Fully" Clingman, Jr. effective October 27, 2021. Clingman has been a significant figure in the company for 15 years, recognized for his leadership and commitment to corporate values. The board also welcomed Ed Grier and Martin Salinas, Jr. as new members, effective August 31, 2021, bringing extensive experience in business and finance. The changes aim to sustain the company's culture and achieve its strategic objectives.
Positive
Retirement of Clingman allows fresh perspectives in leadership.
Ed Grier and Martin Salinas bring extensive experience to the board.
Negative
Potential concerns over continuity with Clingman's departure.
SAN ANTONIO--(BUSINESS WIRE)--
The board of directors of NuStar Energy L.P. (NYSE: NS) announced the retirement of James “Fully” Clingman, Jr., effective October 27, 2021.
“We are truly grateful for Fully’s service and commitment to NuStar for the last 15 years,” said Bill Greehey, NuStar’s chairman of the board. “He has been a tremendous asset to our board and to our company as he is not only a strong business and civic leader, but also a caring individual who really understands the importance of our unique culture that values all stakeholders. Because of his personal values and his vast experience in running a large corporation, we could always count on Fully to provide calm, thoughtful advice that unfailingly considered the impact of the board’s decisions on all parties, especially those that related to our employees. So it is no surprise that he is widely revered by our employees, fellow board members and all who have known and worked with him over the years.
“We sincerely appreciate all that he has done for NuStar and our community, and we will miss him greatly but wish him all the best in his retirement.”
Clingman became a director of NuStar GP, LLC in July 2018. He previously served as a director of NuStar GP Holdings, LLC from December 2006 to July 2018. From 1984 through 2003, Clingman served as the President and Chief Operating Officer of HEB Grocery Company. He also served on the board of HEB from 1984 through 2008. From 2003 through June 2010, Clingman served on the Board of Directors of CarMax, a publicly held NYSE-listed company. He also has served as Chairman of the Board of Directors of three privately held food manufacturing companies owned by Silver Ventures Inc. since 2005.
“As one of San Antonio's most respected business and community leaders, we have been very fortunate to benefit from Fully’s knowledge and leadership,” said NuStar president and CEO Brad Barron. “He not only brought significant business expertise and acumen, but far more importantly, he is the ultimate role model for personal integrity in all that he does. This combination made him the ideal board member in every respect. We will miss his caring nature, quick wit and affable personality, which endeared him to not only everyone on our board, but also to everyone at NuStar and in our community.”
“It is with mixed emotions that I have made the very difficult decision to retire from NuStar’s board of directors,” said Clingman. “NuStar’s board and leadership team have developed a very special culture and work environment with a strong commitment to excellence, safety, and environmental stewardship, not to mention their unparalleled commitment to the community and their employees. Watching Bill Greehey lead this company has been one of the most educational and inspirational opportunities of my lifetime. And I will miss serving alongside such outstanding fellow board members. It has been a great honor to have served on the board of one of the most exceptional companies in America. My wish is for NuStar to continue to be the shining example of how a business can achieve tremendous success while serving all of its many stakeholders.”
The board of directors also announced the additions of Ed Grier and Martin Salinas, Jr. to the board on August 31, 2021.
Grier has served as the Dean of the Leavey School of Business at Santa Clara University in California since July 2021. From March 2010 to June 2021, he served as the Dean of the Virginia Commonwealth University (“VCU”) School of Business. Prior to joining VCU, Grier spent approximately 29 years with the Walt Disney Company beginning in 1981, serving as the President of the Disneyland Resort from 2006 until 2010. Grier held various other senior financial and operational roles during his career with Disney. He has served as a director of both Witt/Kiefer and Capital Senior Living Corporation since 2016. Previously, he served as a director of NVR, Inc. from 2013 to 2020.
Salinas served as Chief Executive Officer of Phase 4 Energy Partners from October 2015 to December 2017 and as Chief Financial Officer of Energy Transfer Partners, L.P. from June 2008 through April 2015. He joined Energy Transfer Partners, L.P. in 2004 and served as Controller and Vice President of Finance until being appointed as Chief Financial Officer in 2008. In addition to serving as Chief Financial Officer for Energy Transfer Partners, L.P., Salinas also served as Sunoco Logistics, L.P.’s Chief Financial Officer and a member of the Board of Directors from October 2012 to April 2015 and as a member of the Board of Directors for Sunoco Partners, L.P. from March 2014 until April 2015. Prior to joining Energy Transfer Partners, L.P., Salinas worked at KPMG, LLP from September 1994 through August 2004, serving audit clients primarily in the Oil and Gas industry. He has also served as a director of Green Plains Partners LP since July 2018 and served as a director of Noble Midstream Partners LP from October 2016 until it was acquired in May 2021.
“We are excited to be bringing aboard Ed and Martin as they are both accomplished, distinguished and respected leaders in their fields of expertise who bring pertinent and relevant experience to our board that will help NuStar achieve its strategic goals and help us maintain the culture that has been so important to our success,” said Greehey.
About NuStar
NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 73 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 72 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at www.nustarenergy.com/Sustainability.
