Marathon Petroleum Corp. has announced that Michael J. Hennigan has been appointed President and CEO, effective immediately, and will join the company’s Board of Directors following the company’s 2020 annual meeting of shareholders on 29 April 2020.
“The Board’s unanimous decision to appoint Mike as our new CEO marks the conclusion of a broad and rigorous search that considered many external and several internal candidates, all seasoned executives from the petroleum refining and adjacent sectors,” said Edward G. Galante, Chair of the Special Committee of the Board that led the CEO search process.
Lead Independent Director James E. Rohr added, “Mike is a well-respected industry veteran with 28 years of refining experience and ten years of midstream experience, including several at the chief executive level. Since joining us in 2017, Mike has demonstrated a keen understanding of our business and the value of our platform.” Rohr went on to state, “Mike has a clear vision for the company’s future and is the right leader with the necessary experience and skills to guide us through a period of change.”
“I am honoured by the confidence placed in me to lead this great company,” said Hennigan. “Despite the current turbulence in the energy and broader markets, we have a lot of opportunity ahead of us. With the Board having completed its retail and midstream reviews, my relentless focus will be on capturing commercial opportunities across the value chain and leading and empowering my executive team as we maintain our commitment to operational excellence and shareholder return.”
The Board intends to announce the selection and appointment of a new, non-executive chairman in conjunction with the company’s annual meeting. As announced last October, current Chairman and CEO Gary R. Heminger will retire in April after 45 years of service to the company.
As MPC’s new president and CEO, Hennigan brings 38 years of energy industry experience in the refining and midstream space, including nearly three years with MPLX LP. Hennigan will continue to serve as President and CEO of MPLX GP LLC, the general partner of MPLX.
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