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Targa Resources (NYSE: TRGP) names new CFO with 4x salary incentive

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Targa Resources Corp. (TRGP) announced several executive leadership changes. Effective September 1, 2026, the Board appointed Brent B. Secrest as President – Logistics and Transportation. Secrest, age 53, previously held senior commercial and marketing roles at Enterprise Products Holdings LLC and its affiliates.

The Board also approved the appointment of Benjamin J. Branstetter, currently President – Logistics and Transportation, as Chief Financial Officer and principal financial officer, effective September 1, 2026, succeeding William A. Byers$600,000 and his annual long-term incentive award will equal 400% of base salary, first applying to his 2027 award, with the higher salary prorated from his appointment date.

Byers notified the company on August 19, 2026 of his intent to retire as CFO effective September 1, 2026 and will remain in a non-executive role through December 31, 2026 under a Transition Period. Under a Separation Agreement, he will continue to receive base salary during the Transition Period, his 2024 RSU and PSU awards and 2025 RSU awards will remain outstanding and settle per existing terms, his 2025 PSU and all 2026 RSU and PSU awards will be forfeited, and he will remain eligible for a 2026 annual incentive cash award based on target opportunity and final 2026 corporate performance.

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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Brent B. Secrest age 53 years Age of newly appointed President – Logistics and Transportation
Base salary for Benjamin J. Branstetter $600,000 per year Annual base salary in new role as Chief Financial Officer
Long-term incentive award for Benjamin J. Branstetter 400% of base salary Annual long-term incentive award, first applicable to 2027
Effective date of new roles September 1, 2026 Effective date for Secrest’s and Branstetter’s new positions
Transition Period end date for William A. Byers December 31, 2026 End of Byers’ non-executive employment period after retirement as CFO
performance stock unit financial
"his outstanding 2024 restricted stock unit (“RSU”) awards, 2024 performance stock unit (“PSU”)"
A performance stock unit is a type of reward companies give to employees, usually managers, that depends on how well the company performs over time. If the company hits specific goals, the employee earns shares of stock, like earning a prize for reaching certain levels in a game. It motivates employees to work hard because their rewards are tied to the company's success.
restricted stock unit financial
"his outstanding 2024 restricted stock unit (“RSU”) awards, 2024 performance"
A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.
principal financial officer financial
"to serve as the Company’s Chief Financial Officer and principal financial officer"
The principal financial officer is the senior executive who runs a company's financial operations: preparing and certifying financial reports, managing accounting controls, budgets and cash flow, and advising on financial strategy. Investors care about this role because its competence affects how trustworthy the company’s numbers are, how well it manages risk and capital needs, and the credibility of forecasts—like the chief navigator steering a firm's financial course.
Transition Period financial
"in a non-executive capacity until December 31, 2026 (the “Transition Period”)"
annual long-term incentive award financial
"an annual long-term incentive award of 400% of Mr. Branstetter’s base salary"

FAQ

What leadership changes did Targa Resources Corp. (TRGP) announce in this 8-K?
Targa Resources Corp. announced that effective September 1, 2026, Brent B. Secrest will become President – Logistics and Transportation and Benjamin J. Branstetter will become Chief Financial Officer and principal financial officer, succeeding William A. Byers, who will retire from the CFO role.

What are the new compensation terms for TRGP’s incoming CFO Benjamin J. Branstetter?
Benjamin J. Branstetter will receive an annual base salary of $600,000 and an annual long-term incentive award equal to 400% of his base salary, first applicable to his 2027 annual award. His increased base salary will be prorated from September 1, 2026.

When is TRGP’s current CFO William A. Byers retiring and what is his transition timeline?
William A. Byers will retire as Chief Financial Officer effective September 1, 2026. He will remain employed in a non-executive capacity through December 31, 2026, which the company defines as the Transition Period under his Separation Agreement.

How will William A. Byers’ equity awards be treated under his Separation Agreement with TRGP?
Under the Separation Agreement, Byers’ 2024 RSU and PSU awards and 2025 RSU awards will remain outstanding and settle under existing terms. His 2025 PSU awards and all 2026 RSU and PSU awards will be forfeited as part of his retirement and transition arrangements.

Is William A. Byers eligible for a 2026 bonus from Targa Resources Corp. (TRGP)?
Yes. Under the Separation Agreement, William A. Byers remains eligible to receive a 2026 annual incentive cash award, payable based on his target short-term incentive opportunity and the final corporate performance factor for 2026.

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false 0001389170 0001389170 2026-08-19 2026-08-19
 
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported): August 19, 2026

 

 

TARGA RESOURCES CORP.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-34991   20-3701075

(State or other jurisdiction

of incorporation or organization)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

811 Louisiana St, Suite 2100

Houston, TX 77002

(Address of principal executive office and Zip Code)

(713) 584-1000

(Registrant’s telephone number, including area code)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  ☐

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ☐

Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ☐

Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading

symbol(s)

  

Name of each exchange

on which registered

Common stock   TRGP   New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of Brent B. Secrest

On August 20, 2026, the Board of Directors (the “Board”) of Targa Resources Corp. (the “Company”) appointed Brent B. Secrest to serve as the Company’s President – Logistics and Transportation, effective as of September 1, 2026.

Mr. Secrest, age 53, most recently served as Executive Vice President and Chief Commercial Officer at Enterprise Products Holdings LLC (“Enterprise GP”) from September 2019 until May 2025. He previously served as Senior Vice President (Commercial) of Enterprise GP from July 2018 to August 2019, Senior Vice President (Liquid Hydrocarbons Marketing) of Enterprise GP from May 2016 to June 2018, as Vice President (Crude Oil and Refined Products Marketing) of Enterprise GP from October 2015 to May 2016, and as Vice President (Crude Oil Pipelines and Terminals) of Enterprise GP from October 2012 to October 2015. He has also served in various other leadership positions, including in the areas of NGL marketing and supply, commercial development, distribution, and business analysis.

There are no understandings or arrangements between Mr. Secrest and any other person pursuant to which Mr. Secrest was selected to serve as President – Logistics and Transportation of the Company. There are no relationships between Mr. Secrest and the Company or any of its subsidiaries that would require disclosure pursuant to Item 404(a) of Regulation S-K, nor are there any relationships between Mr. Secrest and any other person that would require disclosure pursuant to Item 401(d) of Regulation S-K.

Appointment of Benjamin J. Branstetter

On August 20, 2026, the Board of the Company approved the appointment of Benjamin J. Branstetter, the Company’s current President – Logistics and Transportation, to serve as the Company’s Chief Financial Officer and principal financial officer, succeeding William A. Byers, effective as of September 1, 2026. In connection with his new role, the Compensation Committee of the Board approved: (i) an increased annual base salary of $600,000; and (ii) an annual long-term incentive award of 400% of Mr. Branstetter’s base salary, first applicable to his annual award for 2027. Mr. Branstetter’s increased base salary will be prorated effective as of the date of his appointment. No other terms of Mr. Branstetter’s compensation arrangements were modified in connection with this organizational change.

There are no understandings or arrangements between Mr. Branstetter and any other person pursuant to which Mr. Branstetter was selected to serve as Chief Financial Officer of the Company. There are no relationships between Mr. Branstetter and the Company or any of its subsidiaries that would require disclosure pursuant to Item 404(a) of Regulation S-K, nor are there any relationships between Mr. Branstetter and any other person that would require disclosure pursuant to Item 401(d) of Regulation S-K. For a description of Mr. Branstetter’s prior business experience and other background information, please see the Company’s definitive proxy statement filed with the Securities and Exchange Commission on March 26, 2026.

Retirement of William A. Byers

On August 19, 2026, William A. Byers informed the Company of his intent to retire from his position as Chief Financial Officer of the Company. The effective date of Mr. Byers retirement will be September 1, 2026. After such date, Mr. Byers will remain employed by the Company in a non-executive capacity until December 31, 2026 (the “Transition Period”).

In connection with Mr. Byers’ retirement and transition planning, the Company and Mr. Byers entered into a retirement, transition, separation, and general release agreement (the “Separation Agreement”) setting forth certain compensation arrangements. Pursuant to the Separation Agreement entered into with Mr. Byers, (i) he will continue to receive his base salary during the Transition Period; (ii) his service requirement will be deemed fulfilled with respect to his outstanding 2024 restricted stock unit (“RSU”) awards, 2024 performance stock unit (“PSU”) awards and 2025 RSU awards and such awards will remain outstanding and settle in accordance with their existing terms; (iii) 2025 PSU awards and all 2026 RSU and PSU awards will be forfeited; and (iv) he will remain eligible to receive a 2026 annual incentive cash award, payable based on his target short-term incentive opportunity and the final corporate performance factor for 2026.

 

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

    TARGA RESOURCES CORP.
Dated: August 25, 2026     By:  

/s/ Jennifer R. Kneale

      Jennifer R. Kneale
      President

 

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Source: View Original Filing on SEC EDGAR

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