Stamford, Conn.-based Star Gas Partners (NYSE:SGU) 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.