Marathon Petroleum Corporation has a new CEO.
The company has announced that Michael J. Hennigan has been appointed president and chief executive officer, effective immediately.
Hennigan became president and chief executive officer of Marathon subsidiary MPLX in 2017.
Hennigan takes over CEO duties from Gary Heminger, who is retiring in April after 45 years with the company.
The full news release from Marathon is below.
Marathon Petroleum Corp. (NYSE: MPC) today announced that Michael J. Hennigan has been appointed president and chief executive officer, effective immediately, and will join the company’s Board of Directors following the company’s 2020 annual meeting of shareholders on April 29, 2020.
“The Board’s unanimous decision to appoint Mike as our new CEO marks the conclusion of a broad and rigorous search that considered many external and several internal candidates, all seasoned executives from the petroleum refining and adjacent sectors,” said Edward G. Galante, chair of the special committee of the Board that led the CEO search process.
Lead Independent Director James E. Rohr added, “Mike is a well-respected industry veteran with 28 years of refining experience and ten years of midstream experience, including several at the chief executive level. Since joining us in 2017, Mike has demonstrated a keen understanding of our business and the value of our platform.” Rohr went on to state, “Mike has a clear vision for the company’s future and is the right leader with the necessary experience and skills to guide us through a period of change.”
“I am honored by the confidence placed in me to lead this great company,” said Hennigan. “Despite the current turbulence in the energy and broader markets, we have a lot of opportunity ahead of us. With the Board having completed its retail and midstream reviews, my relentless focus will be on capturing commercial opportunities across the value chain and leading and empowering my executive team as we maintain our commitment to operational excellence and shareholder return.”
The Board intends to announce the selection and appointment of a new, non-executive chairman in conjunction with the company’s April 29, 2020, annual meeting. As announced last October, current Chairman and Chief Executive Officer Gary R. Heminger will retire in April after 45 years of service to the company.
As MPC’s new president and CEO, Hennigan brings 38 years of energy industry experience in the refining and midstream space, including nearly three years with MPLX LP (NYSE: MPLX). Hennigan will continue to serve as president and chief executive officer of MPLX GP LLC, the general partner of MPLX.
Prior to joining MPLX GP LLC in 2017, Hennigan, 60, was president, crude, NGL and refined products of the general partner of Energy Transfer Partners L.P. Prior to that, he served as president and chief executive officer of Sunoco Logistics Partners L.P. He was responsible for all operations and business activities, including setting the direction, strategy and vision for the company. Hennigan began his career with Sunoco, Inc. and served in various engineering and operations roles in Northeast refineries. Thereafter, he assumed positions of increasing responsibility in corporate business planning, financial analysis, marketing, supply and trading and business development. He holds a Bachelor of Science degree in chemical engineering from Drexel University.
