Targa Resources Names New CFO; Appoints President – Logistics

What Happened

• Targa Resources Corp. announced board approvals on August 20, 2026, appointing Brent B. Secrest as President – Logistics and Transportation and elevating Benjamin J. Branstetter to Chief Financial Officer, each effective September 1, 2026.
• Brent Secrest (age 53) joins from Enterprise Products Holdings LLC, where he served most recently as Executive VP & Chief Commercial Officer (Sept 2019–May 2025) and held multiple senior commercial roles prior.
• Benjamin Branstetter, previously President – Logistics and Transportation, will succeed William A. Byers as CFO. Byers informed the company on August 19, 2026 of his intent to retire effective September 1, 2026 and will remain in a non-executive role through a Transition Period ending December 31, 2026.

Key Details

• Effective date for both appointments: September 1, 2026.
• Branstetter’s new annual base salary: $600,000 (prorated from appointment), and an annual long-term incentive award equal to 400% of base salary starting with the 2027 award.
• Separation agreement with outgoing CFO William Byers: continued base pay during the Transition Period; 2024 RSU/PSU and 2025 RSU awards deemed satisfied and will remain outstanding; 2025 PSU and all 2026 RSU/PSU awards forfeited; Byers remains eligible for a 2026 annual incentive cash award based on target and final corporate performance.
• Company disclosed no compensatory arrangements or reportable relationships required under Items 404(a) or 401(d) of Regulation S-K for the newly appointed executives.

Why It Matters

• A CFO transition is material for investors because it places a new executive in charge of the company’s financial reporting, planning and investor communications. Branstetter’s raise and large long-term incentive tie his compensation closely to future performance.
• The Secrest hire adds senior commercial and logistics experience from a major midstream competitor, which may affect operations and commercial strategy in logistics and transportation.
• The separation terms for the outgoing CFO clarify near‑term compensation and equity outcomes (including forfeitures), which are relevant to dilution and executive compensation expense in upcoming filings.