Energy Transfer LP (NYSE: ET) announced that Co-Chief Executive Officer Marshall S. McCrea III will retire by December 31, 2026. McCrea notified the partnership of his retirement plans on June 1, 2026.

Thomas E. Long, currently serving as co-CEO alongside McCrea, will assume the role of sole Chief Executive Officer upon McCrea's retirement. McCrea will continue serving on the company's Board of Directors after stepping down from his executive position.

The partnership's Compensation Committee approved acceleration of McCrea's outstanding equity incentive awards in connection with his retirement. Under a separation agreement, McCrea will receive accelerated vesting of portions of his restricted units under the company's long-term incentive plans.

The separation agreement includes a 12-month restrictive covenant regarding competition and solicitation of customers and employees, along with non-disparagement and confidentiality provisions. McCrea will also be subject to cooperation requirements for 24 months and ongoing cooperation in pending litigation matters.

McCrea will receive 10% of his unvested restricted units in exchange for releasing claims against the company, and an additional 50% in consideration of the restrictive covenants. The remaining 40% of his unvested awards will vest under qualified retirement provisions, subject to a six-month delay per Internal Revenue Code requirements.

For awards granted in December 2025, the vesting treatment will depend on McCrea's actual retirement date. If he retires before December 5, 2026, these awards will continue vesting on their original schedule while he serves on the board. If he retires on or after that date, they will accelerate with his other awards.

The final number of units subject to acceleration will be disclosed when McCrea's specific retirement date is determined, according to the company's statement.