The nation’s largest propane retailer has named its new president and chief executive who will assume control of the energy company from next year, marketwatch.com reports.
As reported earlier on Propane.Pro, AmeriGas Propane. Inc. boss Eugene V.N. Bissell will retire in spring after 30 years’ service to the industry. AmeriGas Partners is the nation’s largest retail propane marketer, serving around 1.3 million customers in all 50 states from nearly 1200 locations.
Earlier this year the company announced it would significantly extend its customer base and add millions of gallons to its distribution network by acquiring Heritage Propane from Energy Transfer Partners in a multi-billion-dollar deal.
In a press release this week, AmeriGas Propane announced that Jerry E. Sheridan will succeed Bissell when he steps down after 11 years at the helm. Mr. Sheridan, 46, joined AmeriGas in and was elected vice president and chief operating officer in May this year.
The Company also announced that R. Paul Grady will succeed Mr. Sheridan as vice president and chief operating officer upon the completion of the Heritage Propane acquisition. Grady, 58, currently serves as Heritage Propane president.
“We are pleased to be announcing the appointments of two very talented executives to these key leadership positions,” Bissell said. “We are confident that Jerry and Paul will provide the leadership necessary to guide the company through the Heritage acquisition, which we expect to close by March 31, 2012, and to ensure a smooth transition upon my retirement.”
AmeriGas Partners recorded net income of $138.5 million in the last fiscal year in tough economic conditions. Retail propane sales fell to 874.2 million gallons from 893.4 million gallons, mainly due to an early end to the heating season in southern regions and customers cutting back on their gas use.