The general partner of Delek Logistics has added an independent director to its board, which now numbers eight people.
Reuven Spiegel joined the board of Delek Logistics, the owner and operator of various oil transportation and marketing assets, on Monday and is the company's fourth independent director. Spiegel was CEO of Israel Discount Bank, that country's third-largest lender, from mid-2010 until March of this year. He had been with the bank since 2001 and, in 2005 and 2006, also served as chairman of the board at Discount Mortgage Bank.
Separately, Delek Logistics' board has voted to bump the company's quarterly dividend to 47.5 cents, a 12 percent increase from its previous level of 42.5 cents. The payment will be made Aug. 14 to shareholders of record Aug. 7.
“We are pleased to significantly increase our distribution this quarter,” said Uzi Yemin, chairman and CEO of Delek Logistics’ general partner. “Our focus on growth over the past year, coupled with continued strong performance from our operations during 2014, has increased our distributable cash flow. This strong financial position gives us the confidence to both provide additional growth in our distribution and the ability to continue evaluating opportunities to expand our operations.”
The limited partner units of Delek Logistics (Ticker: DKL) were up more than 2 percent to about $34.20 in mid-day trading Tuesday. So far this year, they're up 8 percent.