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Delek US Gets Vote of Confidence

Shareholders reject Icahn’s slate of board nominees
delek us
delek us

BRENTWOOD, Tenn. — Based on the preliminary vote count following the company’s 2021 stockholders meeting, Delek US Holdings Inc. shareholders have voted to elect all eight of its own director nominees, rejecting the slate nominated by shareholder CVR Energy Inc., controlled by entrepreneur Carl Icahn.

CVR CEO David Lamp has suggested that Delek US’s stock is undervalued and that it could benefit from selling the retail network, among other measures.New York-based CVR nominated three independent directors to the Delek US board.

“We appreciate the support of our shareholders,” Delek US said in a statement. “Moving forward, we remain firmly focused on overseeing and executing the company's strategy and continuing to evaluate opportunities to drive value. We look forward to maintaining our constructive engagement with our shareholders and remain committed to acting in the best interests of the company and all Delek shareholders.

The preliminary results indicate that shareholders have approved all other proposals that were considered at the meeting. The director nominees, excluding those of CVR Energy, received approximately 90% or more of the voted shares, the company said.

The elected directors were Uzi Yemin, William Finnerty, Richard Marcogliese, Gary Sullivan Jr., Vicky Sutil, Laurie Tolson, David Wiessman and Shlomo Zohar.

Brentwood, Tenn.-based Delek US is a diversified downstream energy company with assets in petroleum refining, logistics, asphalt, renewable fuels and convenience-store retailing. The refining assets consist of refineries operated in Tyler and Big Spring, Texas, El Dorado, Ark., and Krotz Springs, La. The c-store business operates 253 locations in central and west Texas and New Mexico. Delek US is the largest 7-Eleven licensee in the United States, although the companies have agreed to exit the licensing agreement. The retail c-store business has launched a new c-store brand, DK, and will rebrand all of the 7-Eleven stores by the end of 2021.

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