LONDON, UK / ACCESSWIRE / September 25, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Ferrellgas Partners, L.P. (NYSE: FGP) ("Ferrellgas"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=FGP. The Company, a leading supplier of propane in America, announced on September 22, 2017, the appointment of Doran Schwartz as its new Chief Financial Officer (CFO). For immediate access to our complimentary reports, including today's coverage, register for free now at:
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About the New CFO Role
- In his new role as CFO, Doran Schwartz would report to the Jim Ferrell, President and Interim Chief Executive Officer (CEO) at Ferrellgas. Besides, he would also serve as a member of the Company's Executive Leadership Committee.
- This new appointment would be effective from October 16, 2017. However, Schwartz will succeed the current CFO, Al Heitmann, only after Heitmann's retirement on January 31, 2018.
- Heitmann would stay with Ferrellgas as a special advisor from October 16, 2017, to January 31, 2018, i.e. his anticipated retirement date. In this period, Heitmann would work towards facilitating the transition of responsibilities in a systematic and organized manner.
Doran's Prior Experience
Before joining Ferrellgas, Doran Schwartz worked at a Fortune 500 Company, MDU Resources Group Inc. (NYSE: MDU), as the Vice President and CFO from February 2010 to 2017. And, prior to that, from September 2005 to February 2010, he served as the Vice President and Chief Accounting Officer in the same Company. MDU Resources is an energy and infrastructure Company, based in Bismark, North Dakota. In 2017, MDU Resources ranked at number 569 on the Fortune 500 list, with approximately $4.252 billion in revenue and 9,598 employees.
Before MDU Resources, he had directed the Membership Rewards Controllership group for American Express in Phoenix and also worked as an audit manager for Deloitte & Touche LLP in Minneapolis. Doran Schwartz had started his accounting career at Arthur Andersen & Co. in 1997.
Doran's Educational Qualifications
Doran Schwartz earned Bachelors in Business Administration degree from the Moorhead State University. He also holds a Master of Business Administration (MBA) with a specialization in Finance from the University of Wisconsin-Whitewater, and a Bachelor of Arts in Accounting from the University of Northern Iowa. Doran Schwartz also has a Certified Public Accountant (CPA) designation.
Welcoming Comments for Doran
Jim Ferrell, President and Interim CEO at Ferrellgas, expressed his eagerness on welcoming Doran Schwartz to the Ferrellgas team. Jim Ferrell stated that Doran is a seasoned finance leader and would prove to be an asset to the Company, as it seeks to enhance its operational efficiency and drive business results.
The previous CFO, Al Heitmann, also shared that he has great confidence in Doran's capabilities and believes everyone in his team would be eager to welcome Doran. In fact, Heitmann also expressed his excitement on working with Doran and helping him in writing the next chapter of success for Ferrellgas.
Acquisition of Service Plus Propane
Earlier this month, on September 05, 2017, Ferrellgas announced that acquisition of Service Plus Propane, Inc., an independent propane retailer based in South Hill, Virginia. Service Plus, which was founded 2005, is a local provider of agricultural, residential, industrial, and commercial propane services to customers in Mecklenburg and surrounding counties in southern Virginia. Thus, Ferrellgas aims to grow its footprint in the eastern region of the country through this transaction.
Ferrellgas has made over 240 acquisitions in 75 years as a propane provider to better serve its customers nationwide.
About Ferrellgas
Ferrellgas Partners, L.P., through its operating partnership, Ferrellgas, L.P., and subsidiaries, serves propane customers in all 50 states, the District of Columbia, and Puerto Rico, and provides midstream services to major energy Companies in the United States. Its employees indirectly own 22.8 million common units of the partnership, through an employee stock ownership plan.
Last Close Stock Review
On Friday, September 22, 2017, the stock closed the trading session at $5.33, advancing 6.18% from its previous closing price of $5.02. A total volume of 227.75 thousand shares have exchanged hands. Ferrellgas Partners' stock price surged 15.87% in the last one month and 10.35% in the past three months. The stock has a dividend yield of 7.50% and currently has a market cap of $517.86 million.
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