- Maryann Mannen elected President
and CEO, will join the Board of Directors
- Mike Hennigan to transition from
CEO to Executive Chairman of the Board of Directors
- John Surma elected Lead
Independent Director
FINDLAY,
Ohio, May 13, 2024 /PRNewswire/ -- Marathon
Petroleum Corp. (NYSE: MPC) today announced its leadership
transition plan, with all positions effective August 1, 2024. At that time, MPC President
Maryann T. Mannen will succeed
Michael J. Hennigan as Chief
Executive Officer and will join the Board of Directors; Hennigan
will transition from CEO to Executive Chairman of the Board; and,
continuing as the Board's strong independent voice, MPC Chairman
John Surma has been elected to serve
as Lead Director.
Hennigan has led MPC as CEO since March
2020 and joined the Board of Directors in April 2020. Mannen has served as President since
January of this year, after previously serving as Executive Vice
President and Chief Financial Officer since January 2021. Surma became independent Chairman
of the Board in April 2020, having
served as a member of the Board since 2011.
"Mike's leadership of MPC has been marked by a time of
tremendous success," said Surma. "On behalf of the Board of
Directors, I want to thank Mike, Maryann and the entire team for
their relentless pursuit of shareholder value. Our team's
commitment to MPC's core values of safety and environmental
stewardship, integrity, respect, inclusion and collaboration has
been foundational to realizing great achievements."
During Hennigan's leadership as CEO, MPC's accomplishments
include:
- Delivering on transformative strategic priorities to
structurally lower cost, improve commercial performance and
increase competitiveness of the company's portfolio;
- Strategic sale of the retail business, resulting in robust
capital return program;
- Return of approximately $37
billion to MPC shareholders through dividends and share
repurchases, for total shareholder return, with dividends
reinvested, of 918% since March 2020;
and
- Significant growth of the midstream business operated by
subsidiary MPLX LP, including expansion in the Marcellus,
Utica and Permian basins.
"We are pleased to have Mike serve as Executive Chairman of the
Board as we focus on a successful and seamless transition,"
continued Surma. "The Board unanimously supports and looks forward
to Maryann's leadership as our next CEO. It's an exciting time in
the energy sector, and she will take the helm of a company with
exceptional employees and an outstanding set of assets."
Regarding Mannen's election, Hennigan noted, "Our confidence in
Maryann as the right leader for our company is based on her
contributions to the MPC success story, as well as her proven track
record as an energy-sector veteran of 38 years. She has
demonstrated a keen understanding of our business, clear judgment
and a strong financial expertise that will serve shareholders
well."
Mannen shared, "I am honored by the trust placed in me to lead
this great company. My priorities align with those that have made
us the peer-leading energy investment we are today – an unwavering
focus on safety, the environment and operational performance as we
pursue commercial results that translate into greater shareholder
value. I'm excited about our future."
About Maryann
Mannen
Mannen was elected MPC President effective
January 2024, having previously
served as Executive Vice President and CFO since January 2021. She has also served as a member of
the Board of Directors of the general partner of MPLX LP since
February 2021. Before joining MPC,
Mannen served as Executive Vice President and Chief Financial
Officer of TechnipFMC (a successor to FMC Technologies, Inc.), a
leading global engineering services and energy technology company,
since 2017. She previously served as Executive Vice President and
Chief Financial Officer of FMC Technologies, Inc. since 2014, as
Senior Vice President and Chief Financial Officer since 2011, and
in various positions of increasing responsibility with FMC
Technologies, Inc. since 1986. Mannen also serves on the board of
directors of Owens Corning, an insulation, roofing and fiberglass
composites company.
About Mike
Hennigan
Hennigan was elected MPC CEO effective
March 2020. He has served as a member
of the Board of Directors since April
2020. Hennigan has also served as Chairman of the Board of
Directors of the general partner of MPLX LP since April 2020, as its CEO since November 2019 and as its President since
June 2017. Before joining the general
partner of MPLX LP, Hennigan was President, Crude, NGL and Refined
Products of the general partner of Energy Transfer Partners L.P. He
was President and Chief Executive Officer of Sunoco Logistics
Partners L.P. from 2012 to 2017, President and Chief Operating
Officer beginning in 2010, and Vice President, Business
Development, beginning in 2009. Hennigan also serves on the board
of directors of Nutrien, a Canadian agricultural services
company.
About John Surma
Surma
was elected Chairman of the MPC Board of Directors effective
April 2020, after joining the Board
in 2011. He has also served as a member of the Board of Directors
of the general partner of MPLX LP since October 2012. Surma retired as the Chief
Executive Officer of United States Steel Corporation in
September 2013 and as Executive
Chairman in December 2013. Prior to
joining U. S. Steel, Surma served in several executive positions
with Marathon. Surma also serves on the board of directors of Trane
Technologies plc, a global climate innovator that designs,
manufactures, sells and services solutions for heating, ventilation
and air conditioning, transport refrigeration and custom
refrigeration solutions, as well as the Board of Directors of
Public Service Enterprise Group (PSEG), a diversified energy
company.
About Marathon Petroleum Corporation
Marathon
Petroleum Corporation (MPC) is a leading, integrated, downstream
energy company headquartered in Findlay,
Ohio. The company operates the nation's largest refining
system. MPC's marketing system includes branded locations across
the United States, including
Marathon brand retail outlets. MPC also owns the general partner
and majority limited partner interest in MPLX LP, a midstream
company that owns and operates gathering, processing, and
fractionation assets, as well as crude oil and light product
transportation and logistics infrastructure. More information is
available at www.marathonpetroleum.com.
Investor Relations Contacts: (419)
421-2071
Kristina Kazarian,
Vice President, Finance and Investor Relations
Brian Worthington, Director,
Investor Relations
Kenan Kinsey, Supervisor, Investor
Relations
Media Contact: (419) 421-3577
Jamal Kheiry,
Communications Manager
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SOURCE Marathon Petroleum Corporation
