Edit
Company News

Marathon Petroleum Names New President

Executive changes, share repurchasing come ahead of Speedway spinoff decision

FINDLAY, Ohio --Marathon Petroleum Corp. has hired from within as it reorganizes its leadership. The move comes as MPC considers a spinoff of its Speedway convenience-store business.

Donald Templin, president of the general partner of MPLX LP, has been named president of Marathon Petroleum Corp., effective July 1. MPLX is a master limited partnership (MLP) that MPC formed in 2012 to own, operate, develop and acquire midstream energy infrastructure assets.

MPC Chairman, President and CEO Gary Heminger will retain the titles of chairman and CEO.

Replacing Templin as president of MPLX's general partner will be Mike Hennigan, effective June 20. Hennigan previously was president and CEO of Sunoco Logistics Partners, Dallas.

Meanwhile, on May 31, the MPC board authorized a $3 billion share repurchase in addition to its previous authorization, which had approximately $2.14 billion remaining as of March 31.

These initiatives come ahead of the conclusion of a review of Speedway LLC by a special committee formed by MPC’s board in January. With the assistance of an independent financial adviser, the review will ensure that Speedway is delivering optimum value to shareholders, the board said.

The “full and thorough” review, which is ongoing, will include the possibility of "a tax-free separation of Speedway to MPC shareholders and other strategic and financial alternatives,” MPC said.

The company said it expects the committee to complete the review by summer 2017.

Findlay, Ohio-based MPC is the nation's third-largest refiner. Marathon-brand gasoline is sold through approximately 5,500 independently owned gas stations and convenience stores across 19 states. In addition, Enon, Ohio-based Speedway LLC, an MPC subsidiary, owns and operates the nation's second-largest convenience-store chain, with approximately 2,730 convenience stores in 21 states.

Watch for details in CSP Daily News.

Want breaking news at your fingertips?

Get today’s need-to-know convenience industry intelligence. Sign up to receive texts from CSP on news and insights that matter to your brand.

Trending

More from our partners