Thomas J. Hollister Brings Extensive Financial Experience
and a Track Record of M&A Success
WALTHAM, Mass., May 11 /PRNewswire-FirstCall/ -- Global Partners LP
(NYSE: GLP), one of New England's largest wholesale distributors of
distillates, gasoline and residual oil to wholesalers, retailers and
commercial customers, today announced the appointment of Thomas J. Hollister
as executive vice president and chief financial officer of its general
partner, effective July 1. Hollister, former vice chairman of Citizens
Financial Group, Inc., will succeed Thomas A. McManmon Jr., 62, who will shift
to the role of senior advisor to the executive management team.
(Photo: http://www.newscom.com/cgi-bin/prnh/20060511/NETH018A )
"Tom Hollister's broad financial expertise and deep M&A background make
him an exceptional choice to be our next CFO," said President and Chief
Executive Officer Eric Slifka. "His experience will be vital in driving our
growth strategy. On a personal level, the Global family has known Tom for
more than two decades. We are excited about the opportunity to have him join
the executive team."
"I also want to acknowledge Tom McManmon's outstanding contributions as
CFO, culminating with our initial public offering in October," Slifka said.
"The finance function is a particularly important component of our business,
from managing credit relationships to serving as the point person between the
Partnership and its lenders. Over the course of a 30-year career at Global,
he has expertly handled a wide range of financial and operational
responsibilities. With Tom's vast knowledge of the refined petroleum products
industry, I look forward to his continued counsel in his new advisory role."
Hollister, 51, brings more than 25 years of financial experience to
Global. In addition to his most recent position as vice chairman, he also
served as Chairman, President and Chief Executive Officer of Citizens Capital,
Inc., the corporation's Private Equity and Venture Capital Business. From
2004 to 2005, he served as President and CEO of Charter One Bank, one of the
30 largest banks in the United States. From 1998 to 2004 he served as
President and CEO of Citizens Bank of Massachusetts, which under his
leadership grew from $6 billion to $28 billion in assets.
During his career, Hollister has served as project leader on eight bank
integrations, including Bank of Boston's acquisition of Bay Banks, Citizens'
purchases of UST Corp. and State Street Corp.'s Commercial Banking Group, and
Citizens' $10.5 billion acquisition of Charter One Financial, Inc.
Previously, he managed the energy and utilities business for Bank of Boston,
overseeing $3 billion in commitments.
"Global has a great heritage in New England, and the Partnership is in a
unique position to expand its leadership through both acquisitions and organic
opportunities," Hollister said. "Joining Global represents an opportunity to
become part of an organization that blends a rich, 70-year history with the
entrepreneurial spirit of a newly public company. Eric and his team
understand that enterprise is about growth -- carefully considered and
well-conceived. I look forward to helping shape Global's continued growth and
success."
Hollister received a bachelor's degree from Amherst College and an MBA
from Boston University.
About Global Partners LP
Global Partners, a master limited partnership based in Waltham,
Massachusetts, is one of the largest wholesale distributors of distillates
(such as home heating oil, diesel and kerosene), gasoline and residual oil to
wholesalers, retailers and commercial customers in New England. Global
Partners trades on the New York Stock Exchange under the ticker symbol "GLP."
For additional information, please visit http://www.globalp.com.
Contacts:
Thomas A. McManmon Jr. Edward Faneuil
Executive Vice President and Executive Vice President,
Chief Financial Officer General Counsel and Secretary
Global Partners LP Global Partners LP
(781) 894-8800 (781) 894-8800
SOURCE Global Partners LP