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Get filing alertsEnergy Transfer Co-CEO Mackie McCrea to retire by year-end; Tom Long becomes sole CEO
Filed June 3, 2026 · Period ending June 1, 2026 · ~1 min read
Key Changes
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Co-CEO Mackie McCrea announced retirement effective by December 31, 2026, transitioning Energy Transfer from dual-CEO structure to single CEO under Thomas Long.
Item 5.02 verify on EDGAR → -
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McCrea will remain on the Board of Directors after retirement, maintaining continuity while stepping back from executive duties.
Item 5.02 verify on EDGAR → -
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Board approved accelerated vesting of McCrea's equity awards: 10% for release of claims, 50% for 12-month non-compete/non-solicitation, 40% under qualified retirement provisions with six-month delay.
Item 5.02 verify on EDGAR →
Summary
Energy Transfer announced a planned leadership transition as Co-CEO Mackie McCrea retires by year-end to pursue personal objectives and family time. Thomas Long, currently serving as Co-CEO, will assume the role of sole Chief Executive Officer upon McCrea's departure, ending the company's dual-CEO structure.
McCrea, described as one of the Partnership's original leaders and an architect of its commercial strategy and culture, will continue serving on the Board of Directors after his executive retirement. The Compensation Committee approved accelerated vesting of McCrea's outstanding equity awards in recognition of his founding contributions.
The vesting will occur in tranches tied to his separation agreement: 10% upon release of claims, 50% for agreeing to 12-month restrictive covenants including non-compete and non-solicitation provisions, and the remaining 40% under qualified retirement provisions with a six-month delay. The separation agreement includes standard protections for the Partnership including non-disparagement, confidentiality acknowledgments, and 24-month cooperation requirements. The filing characterizes this as an orderly succession with the Partnership well-positioned under its existing leadership team to continue executing key projects.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Co-CEO Mackie McCrea retiring by year-end; Tom Long to become sole CEO; McCrea remains on Board with accelerated equity vesting.
Added in current filing · verify on EDGAR →
On June 1, 2026, Marshall S. (“Mackie”) McCrea, III, Co-Chief Executive Officer of Energy Transfer LP (the “Partnership”), notified the Partnership of his intention to retire, effective on or before December 31, 2026. Until his retirement date, Mr. McCrea will continue in his current role as Co-Chief Executive Officer and as a member of the Partnership’s Board of Directors. After his retirement, Mr. McCrea will continue to serve on the Board of Directors.
Mackie McCrea, one of Energy Transfer's two Co-CEOs, announced his retirement effective by December 31, 2026. He will remain Co-CEO and Board member until retirement, then continue as a Board director afterward. The filing notes he is pursuing personal objectives and family time, and believes the Partnership is well positioned with talented leadership to continue executing key projects.
Added in current filing · verify on EDGAR →
Upon Mr. McCrea’s retirement, Thomas E. Long, the Partnership’s Co-Chief Executive Officer, will assume the role of sole Chief Executive Officer.
Thomas Long, currently Co-CEO alongside McCrea, will become sole CEO upon McCrea's retirement. This represents a planned leadership transition from the current dual-CEO structure to a single CEO model.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The McCrea Separation Agreement will include, among other things, (i) a standard release of claims in favor of the Partnership, specifically including LE GP, LLC, the general partner of the Partnership, and each of the Partnership’s respective past and present subsidiaries, affiliates, partners, directors, officers, owners, equity holders, employees, benefit plans, benefit plan fiduciaries, predecessors, joint employers, successor employers and agents; (ii) a twelve (12) month restrictive covenant provision whereby Mr. McCrea acknowledges obligations with respect to competition and solicitation of customers and employees; (iii) a non-disparagement clause; (iv) a confirmation and acknowledgement by Mr. McCrea of his obligations with respect to proprietary and confidential information; and (v) a general twenty-four (24) month cooperation clause and an open-ended cooperation clause with respect to any currently pending litigation matter in which Mr. McCrea is involved.
McCrea will enter into a separation agreement including a release of claims, 12-month non-compete and non-solicitation provisions, non-disparagement obligations, confidentiality acknowledgments, and 24-month cooperation requirements. These restrictive covenant periods will not begin until McCrea's Board service ends.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 10, 2026 · How we verify