EL DORADO, Ark. -- Murphy Oil Corp. has announced 10 directors--including former 7-Eleven CEO Jim Keyes--who are expected to serve on the board for Murphy USA Inc. after it completes a retail spinoff later this year. Murphy USA, currently a subsidiary of Murphy Oil, will become a standalone company focused primarily on the marketing of retail fuel and convenience merchandise.
Murphy Oil announced in Oct. 2012 its intent to spin off its downstream assets, following efforts by Murphy Oil to reposition itself by selling its U.S. refining assets and U.K. downstream business.
In February, Murphy USA announced the members of its executive team in preparation for the spinoff.
The final effective date and terms of the spinoff of Murphy USA are subject to the approval by the Murphy Oil Corp. board and the satisfaction or waiver of other conditions and regulatory requirements.
For the just-announced board, R. Madison Murphy will serve as chairman of Murphy USA Inc. He has been a director of Murphy Oil Corp. since 1993 and serves on its Executive Committee and as chair of the Audit Committee. He was chairman of Murphy Oil from 1994 to 2004 and chief financial officer of Murphy Oil from 1992 to 1994. Murphy has served on the board of Deltic Timber Corp. since Dec. 1996.
As previously announced, R. Andrew Clyde will serve as president and chief executive officer of Murphy USA Inc. Clyde served Booz & Co. (and prior to Aug. 2008, Booz Allen Hamilton) in its global energy practice. He joined the firm in 1993, was elected partner in 2000 and held leadership roles as North American Energy Practice Leader and Dallas office managing partner and serving on the firm's Board Nominating Committee. He worked with downstream petroleum and retail clients on engagements focused on corporate and business unit strategy, organization design and effectiveness and performance improvement.
Claiborne P. Deming has served as chairman of Murphy Oil since March 2012 and is also chairman of its Executive Committee. He served as president and CEO of Murphy Oil from Oct. 1994 to Dec. 2008. Prior to assuming that position, he served as executive vice president and chief operating officer and had served previously as president of Murphy Oil USA.
Thomas M. Gattle Jr. has served as chairman, president and CEO of Terral RiverService Inc. since 1992.
Robert A. Hermes has been a director of Murphy Oil since 1999 and serves as a member of the Executive Committee, Nominating & Governance Committee and Environmental, Health & Safety Committee. He was chairman of Purvin & Gertz Inc., an international energy consulting firm, before his retirement in 2005.
Fred Holliger was chairman and CEO of Giant Industries, a petroleum refining and retail c-store company from 2005 until 2007 when it was merged with Western Refining Co. He was president and COO of Giant for the previous 16 years. He is a former director of the National Petroleum Refinery Association and the New Mexico Oil & Gas Association.
The Reverend Dr. Christoph Keller III has been a director of Deltic Timber Corp. since Dec. 1996.
James W. Keyes is currently chairman and CEO of Wild Oats LLC. He was CEO of 7-Eleven Inc. from 2000 to 2005 and held a variety of positions prior to that in his 21-year career, including CFO and COO. Keyes was chairman and CEO of Blockbuster from 2007 to 2011.
Diane N. Landen is owner and President of Vantage Communications Inc., where she has more than 20 years of experience in investment management, communications and broadcast property ownership. She also serves as vice chairman and executive vice president of Noalmark Broadcasting Corp., which owns and operates radio stations in Arkansas and New Mexico.
Jack T. Taylor has been a director of Sempra Energy since Feb. 2013. He was the COO-Americas and executive vice chair of U.S. operations for KPMG LLP from 2005 to 2010. From 2001 to 2005, he served as the vice chairman of U.S. audit and risk advisory services for KPMG.
"I am pleased with the strength and composition of our Board which will carry continuity, new expertise, and deep and relevant knowledge of our business," Madison Murphy said. "I look forward to working with this Board to drive long-term success for Murphy USA Inc., and its shareholders."
El Dorado, Ark.-based Murphy Oil USA operates retail gasoline stations under the Murphy USA and Murphy Express brands in 23 states across the country. These are high-volume, low-cost retail gasoline stations, primarily in the parking areas of Walmart Supercenters. It currently has more than 1,150 U.S. retail locations, and it recently announced an agreement with Wal-Mart Stores Inc. to provide access to more than 200 new locations in the Midwest and southeastern United States. It is a wholly owned subsidiary of Murphy Oil Corp., a worldwide oil and gas exploration and production company.
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