VALLEY FORGE, PA — Energy distributor and marketer UGI Corporation (NYSE: UGI) has announced a significant leadership change. Mario Longhi, the incoming Chair of the Board of Directors, has been named interim Chief Executive Officer. This shift comes as Roger Perreault steps down from his roles as President and CEO, effective immediately.
Longhi brings to the table vast experience in the industry. He previously served as CEO of United States Steel Corporation and held various leadership roles at Alcoa, Inc. over the course of 23 years. He also had directorial stints at Harsco Corporation, a global environmental solutions provider, and ITT Inc., a manufacturer of critical components and customized technology solutions.
Frank Hermance, current Chairman of the Board, expressed confidence in Longhi’s ability to steer UGI during this period of transition. “I have worked closely with Mario over the years in our capacity as directors and am confident in his ability to lead UGI on an interim basis,” said Hermance.
The company also acknowledged Perreault’s significant contributions during his tenure, including his role in leading transformation projects at UGI International and AmeriGas and promoting the development of renewable energy solutions.
Longhi will officially take over as Chair of the UGI Board of Directors when Hermance retires in January 2024, in line with UGI’s corporate governance documents.
Expressing his readiness for the new role, Longhi stated, “I am honored to take on the role of interim CEO and, given my familiarity with the company, am confident this will be a seamless transition for all of our stakeholders.”
This announcement comes as UGI initiates a strategic review process for its Liquefied Petroleum Gas (LPG) business, intending to unlock and maximize shareholder value. The management aims to reduce the company’s earnings volatility, strengthen its balance sheet, optimize cost structure, and realign capital allocation priorities.
Despite these changes, UGI has reaffirmed its fiscal year 2024 guidance, expecting to deliver adjusted earnings per share in the range of $2.70 – $3.00 for the fiscal year ending September 30, 2024.
This leadership change and strategic review signal a new chapter for UGI Corporation as it seeks to enhance its position in the energy market and deliver sustainable value for its shareholders.
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