Star Gas Partners to Get New CEO

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Stamford, Conn.-based Star Gas Partners is about to get a new CEO.

The company (which, despite the name, actually spends more time delivering oil than gas for home heating), announced Tuesday that Chief Executive Officer Dan Donovan intends to retire on Sept. 30. When that happens, Chief Operating Officer Steve Goldman will move up to take the CEO's chair.

In a concurrent SEC filing, Star Gas advised that upon being promoted, Goldman will be paid an annual salary of $360,000. Also mentioned in the filing, despite an announced intention to retire to "spend more time with [his] family," Donovan will actually remain a "consultant" to Star Gas for two years and be paid an annual consulting fee of $250,000 during that time.


Investors are reacting negatively to the announcement, with Star Gas shares trading down about 0.5% as of this writing.

The article Star Gas Partners to Get New CEO originally appeared on Fool.com.

Fool contributor Rich Smith and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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