The chief executive of Overland Park, Kan.-based Ferrellgas Partners L.P. is out, and founder James Ferrell stepped into the role Wednesday on an interim basis as problems at the company’s crude oil delivery business triggered a large fourth-quarter loss.
Stephen L. Wambold, named chief executive in 2009, stepped down as president and CEO, the company said in a brief announcement separate from its financial news. The announcement came on the same day the company reported a $665.4 million loss for the fiscal year.
The propane company’s loss for the fiscal year that ended July 31 compares with net earnings of $29.6 million the prior year. Ferrellgas attributed the fiscal challenges largely to temperatures that were 19 percent warmer than historic averages and 16 percent higher than the prior year.
The company plans to reduce its debt and its leverage ratio, both of which have risen because of the acquisition of Bridger Logistics LLC in 2015, a settlement related to a big Bridger client and rising temperatures, the release said.