The industry veteran’s resignation was reported in a SEC notice filed today.
Rocky Dewbre, a veteran with decades of experience in the energy, distribution and convenience store sectors, has resigned from the board of directors at San Antonio-based CST Brands Inc.
According to the June 8 SEC filing, “effective June 5, 2017, Rocky B. Dewbre resigned his position as a member of the company’s board of directors. Mr. Dewbre’s resignation was not because of any disagreement with the company.”
Two phone messages to Lisa Koenig , director of communications for CST Brands, seeking more information weren’t returned before this article was posted.
Dewbre had served as a member of the CST’s board since March 2016 and was a member of the compensation committee. From 2014-2015, Dewbre served as executive vice president, channel operations of Sunoco LP at the time Susser Holdings Corp. was acquired by Energy Transfer Partners in 2014.
FAST TIMES
Last year, the parent company of the Corner Store convenience brand was facing growing pressure from two investment groups—Houston investment firm JCP Investment Management and investment group Engine Capital L.P.—and both have raised questions about whether CST stockholders would see solid return on some big business deals that occurred in rapid succession in the last year before the company was acquired Alimentation Couche-Tard Inc. last fall.
This was after CST Brands had run off a growing string of c-store acquisitions since enlisting general partner CrossAmerica GP LLC, a wholly owned subsidiary of CST Brands, with the partial purpose of doing dropdown transactions involving bolt-on acquisitions such as the highly touted Flash Foods Inc., a 164-store chain based in Waycross, Ga.
At the time, CST Brands had announced that it has entered into an agreement with JCP Investment Management and Joshua Schechter pursuant to which Thomas Dickson, former chairman of the board of directors of The Pantry, Inc., and an agreement with Engine Capital pursuant to which Dewbre were each appointed to the CST board. Both were touted for the experience and ability to help lead the rapidly growing convenience store company, going forward.
It was not long afterward that Couche-Tard in August 2016 agreed to purchase CST Brands for almost $4 billion, using its biggest-ever acquisition to expand into Texas. Among its many retail operations, Couche-Tard also owns the Global Circle K brand.
As part of the deal, Couche-Tard will acquire 1,146 CST Brands c-stores, primarily operating under the Corner Store, Nice N Easy and Flash Foods banners, and also control the general partner of Allentown, Pa.-based CrossAmerica Partners LP. Additionally, Couche-Tard is now selling much of CST Brands’ Canada retail assets to Parkland Fuel Corp.