Targa Resources Corp. filed an 8-K on August 25, 2026, disclosing the retirement of Chief Financial Officer William A. Byers, the promotion of Benjamin J. Branstetter to CFO, and the appointment of Brent B. Secrest as President – Logistics and Transportation, all effective September 1, 2026.

Key Highlights

  • CFO retirement: William A. Byers informed the company on August 19, 2026 of his intent to retire as Chief Financial Officer, effective September 1, 2026.
  • Byers transition period: After retirement, Byers will remain employed in a non-executive capacity through December 31, 2026, continuing to receive his base salary during that period.
  • New CFO named: Benjamin J. Branstetter, the current President – Logistics and Transportation, was approved by the Board on August 20, 2026 to succeed Byers as CFO and principal financial officer.
  • Branstetter compensation: The Compensation Committee approved an increased annual base salary of $600,000 and an annual long-term incentive award of 400% of his base salary, first applicable to his 2027 annual award.
  • New president appointed: Brent B. Secrest, age 53, was appointed President – Logistics and Transportation by the Board on August 20, 2026, effective September 1, 2026.
  • Secrest background: Secrest most recently served as Executive Vice President and Chief Commercial Officer at Enterprise Products Holdings LLC from September 2019 until May 2025.
  • Byers award treatment: Under the Separation Agreement, Byers' 2025 PSU awards and all 2026 RSU and PSU awards will be forfeited, while his 2024 RSU, 2024 PSU, and 2025 RSU awards will remain outstanding and settle per their existing terms.

Targa Resources' CFO Transition and Executive Appointments Explained

According to the filing, Targa Resources Corp. (NYSE:TRGP) disclosed a series of executive changes under Item 5.02. William A. Byers notified the company on August 19, 2026 of his planned retirement from the CFO role, with the departure effective September 1, 2026. The company and Byers entered into a retirement, transition, separation, and general release agreement (the "Separation Agreement") governing his compensation through the transition. During the Transition Period ending December 31, 2026, Byers will remain employed in a non-executive capacity and continue receiving his base salary.

The filing disclosed that Byers 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." His service requirement will be deemed fulfilled for his outstanding 2024 RSU awards, 2024 PSU awards, and 2025 RSU awards, allowing those to settle per their existing terms. However, his 2025 PSU awards and all 2026 RSU and PSU awards will be forfeited, according to the filing.

Branstetter's promotion to CFO was approved by the Board on August 20, 2026. The Compensation Committee approved an increased annual base salary of $600,000, prorated from the date of his appointment, and an annual long-term incentive award of 400% of his base salary, first applicable to his 2027 annual award. The filing noted that no other terms of Branstetter's compensation arrangements were modified. Separately, Brent B. Secrest was appointed to fill the President – Logistics and Transportation role that Branstetter is vacating. Secrest brings experience from Enterprise Products Holdings LLC, where he held multiple senior commercial roles across crude oil, NGL marketing, and commercial development over more than a decade, according to the filing.

What Was Disclosed

Targa Resources' 8-K disclosed the retirement of CFO William A. Byers, the appointment of Benjamin J. Branstetter as his successor with updated compensation terms, and the hiring of Brent B. Secrest as President – Logistics and Transportation, all effective September 1, 2026.