SAN ANTONIO -- Tesoro Corp. has announced that Steven H. Grapstein will be stepping down as non-executive chair of the board, effective Dec. 31, 2014, but will remain as a member of the board of directors. Greg Goff, the company's president and CEO, will become chairman on December 31.
Susan Tomasky, the chair of the governance committee, will become independent lead director.
"We are grateful for Steve's considerable contributions to the board during his tenure and are especially grateful to his critical role in shepherding the company's transformation since 2010," said Goff.
With Grapstein's decision to relinquish his role as chairman, the board unanimously approved Goff for the position.
"I remain very excited about Tesoro's future and look forward to working with the board as we continue to execute the strategy of the company. Tesoro has benefited from strong governance, and we intend to build on our strengths as we create value for our shareholders," said Goff.
Grapstein has served on Tesoro's board since 1994, as lead director starting in 2002 and then as chairman since 2010. He also serves as a director of Mulberry Group plc.
Goff has served as Tesoro's president and CEO since May 2010. He also serves on the boards of Tesoro Logistics LP, a master limited partnership (MLP) of which Tesoro and its subsidiaries own approximately 35%, and of Polyone Corp.
Tomasky has served on Tesoro's board since 2011 and is currently the chairman of Tesoro's governance committee, which she will continue to lead after she assumes the role of lead director. She also serves on the boards of Public Service Enterprise Group Inc. and Summit Midstream Partners LP.
San Antonio-based Tesoro is an independent refiner and marketer of petroleum products. Through its subsidiaries, it operates six refineries in the western United States with a combined capacity of more than 850,000 barrels per day and ownership in a logistics business which includes a 35% interest in Tesoro Logistics and ownership of its general partner. Tesoro's retail-marketing system includes more than 2,200 gas stations under the ARCO, Shell, Exxon, Mobil, USA Gasoline and Tesoro brands.
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