STAR GAS APPOINTS EXPERIENCED CHIEF FINANCIAL OFFICER TO REPLACE RETIRING CFO
Mr. Trauber began his distinguished finance career with the General Electric Company (NYSE:GE). He later served as Corporate Vice President and Controller of Hertz Corporation (a wholly owned subsidiary of Ford Motor Company - NYSE:F), Corporate Vice President at Harcourt General (a subsidiary of Reed Elsevier) and most recently, Chief Financial Officer at one of leveraged buyout specialist Thomas H. Lee's portfolio companies. Mr. Trauber will report directly to Star's Chairman and Chief Executive Officer, Irik Sevin.
In commenting on Mr. Trauber's appointment, Mr. Sevin, said: "Ami is a veteran financial executive who has played an integral role at several multi-billion and multi-national corporations prior to joining Star, and we are very pleased that he is joining our team. Ami's primary responsibilities will be to bring a heightened level of financial perspective to our operating companies, to maintain and enhance our relationships with the financial and investment communities and to provide Star with a broad-based strategic perspective and seasoned business judgment based on his wealth of experience."
Mr. Sevin, added, "Over the ten years that George has been with Star and its affiliated companies, he has done an outstanding job on numerous difficult and challenging projects. Accordingly, the Partnership has achieved dramatic growth during his tenure - from $523 million in sales and 367,000 customers in 1991, to over $1.0 billion of revenue and 829,000 customers in 2001. Everyone at Star will miss George, and we wish him the best of luck in his well-deserved retirement."
Star Gas Partners, L.P., is a leading distributor of home heating oil, propane and deregulated natural gas and electricity. Star is the nation's largest retail distributor of home heating oil, serving approximately 500,000 customers through its Petro and Meenan Oil subsidiaries. Star is also the nation's eighth largest retail propane distributor, serving approximately 275,000 customers throughout the Midwest and Northeast. Star owns a controlling 80.0% interest in Total Gas and Electric, which sells natural gas and electricity in the Northeast and Mid Atlantic to 54,000 customers.
This news announcement contains certain forward-looking information that is subject to certain risks and uncertainties as indicated from time to time in the Partnership's 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission. Included risks and uncertainties are the effects of the weather on the Partnership's financial results, competitive and propane and heating oil pricing pressures and other factors impacting the propane, home heating oil, natural gas and electricity distribution industries.
