Ferrellgas, a propane supplier based in Overland Park, Kansas, has replaced two top executives and announced it’s suspending quarterly dividends as its looks to shore up its cash position.
The company reached agreements to terminate the employment of Doran Schwartz, its chief financial officer, and Trenton Hampton, its chief operating officer, according to a Nov. 28 filing with the Securities and Exchange Commission.
In the same filing, Ferrellgas disclosed that it will suspend quarterly cash distributions to common shareholders. The company attributed that move to its consolidated fixed charge coverage ratio, a ratio that measures its ability to pay off fixed charges, dipping too low.
Bryan Wright, a 19-year veteran of the company and most recently a region vice president, will serve as interim chief operating officer. Bill Ruisinger will be interim chief financial officer. Previously, he was the general partner’s vice president, treasury, investor relations and planning.