Wednesday, July 15, 2015

Carlyle Cans PES COO

The Carlyle Group paid Philadelphia Energy Solutions COO David M. Ritter $2.4 million for 13 months work. reported:

The chief operating officer of Philadelphia Energy Solutions Inc. resigned quietly in April, only 13 months after he was brought in to run the sprawling former Sunoco refinery in South Philadelphia, a filing with the U.S. Securities and Exchange Commission reveals.

According to the SEC filing, Ritter was paid a base salary of $525,000 and received severance of $1.3 million

Ritter received a $125,000 bonus when he started work, an $85,000 relocation reimbursement, and a $350,000 year-end incentive bonus
I'm not sure how much that works out per fire/explosion, but I imagine it's a handsome sum.  Investors can get in on two PES IPOs.

The company's initial public offering is complicated because it is occurring at the same time that PES is spinning off its logistics operation into a separate publicly traded entity.
Carlyle started the logistics division in October 2014.  It's hard to believe nine months later it will be spun off, but that's the PEU way.