Marathon Petroleum Corp. announced its leadership transition plan, with all positions effective August 1, 2024.
At that time, MPC President Maryann T. Mannen will succeed Michael J. Hennigan as Chief Executive Officer and will join the Board of Directors; Hennigan will transition from CEO to Executive Chairman of the Board; and, continuing as the Board's strong independent voice, MPC Chairman John Surma has been elected to serve as Lead Director.
Hennigan has led MPC as CEO since March 2020 and joined the Board of Directors in April 2020. Mannen has served as President since January of this year, after previously serving as Executive Vice President and Chief Financial Officer since January 2021. Surma became independent Chairman of the Board in April 2020, having served as a member of the Board since 2011.
"Mike's leadership of MPC has been marked by a time of tremendous success," said Surma. "On behalf of the Board of Directors, I want to thank Mike, Maryann and the entire team for their relentless pursuit of shareholder value. Our team's commitment to MPC's core values of safety and environmental stewardship, integrity, respect, inclusion and collaboration has been foundational to realizing great achievements."
During Hennigan's leadership as CEO, MPC's accomplishments include:
- Delivering on transformative strategic priorities to structurally lower cost, improve commercial performance and increase competitiveness of the company's portfolio;
- Strategic sale of the retail business, resulting in robust capital return program;
- Return of approximately $37 billion to MPC shareholders through dividends and share repurchases, for total shareholder return, with dividends reinvested, of 918% since March 2020; and
- Significant growth of the midstream business operated by subsidiary MPLX LP, including expansion in the Marcellus, Utica and Permian basins.
"We are pleased to have Mike serve as Executive Chairman of the Board as we focus on a successful and seamless transition," continued Surma. "The Board unanimously supports and looks forward to Maryann's leadership as our next CEO. It's an exciting time in the energy sector, and she will take the helm of a company with exceptional employees and an outstanding set of assets."
Regarding Mannen's election, Hennigan noted, "Our confidence in Maryann as the right leader for our company is based on her contributions to the MPC success story, as well as her proven track record as an energy-sector veteran of 38 years. She has demonstrated a keen understanding of our business, clear judgment and a strong financial expertise that will serve shareholders well."
Mannen shared, "I am honored by the trust placed in me to lead this great company. My priorities align with those that have made us the peer-leading energy investment we are today – an unwavering focus on safety, the environment and operational performance as we pursue commercial results that translate into greater shareholder value. I'm excited about our future."
