Marathon Petroleum Reorganizes Leadership: Elevates CFO To CEO

Marathon Petroleum Corporation MPC announced several major management changes effective August 1, 2024.

The company disclosed the appointment of Maryann T. Mannen as the new Chief Executive Officer, succeeding Michael J. Hennigan.

Mannen has served as President since January of this year, after previously serving as Executive Vice President and Chief Financial Officer since January 2021.

Hennigan will transition from CEO to Executive Chairman of the Board. Apart from this, MPC Chairman John Surma has been elected to serve as Lead Director of the company.

Hennigan said, “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.”

Last month, Marathon Petroleum reported that first-quarter FY24 revenue exceeded consensus, but adjusted EBITDA declined sharply.

Investors can gain exposure to the stock via IShares U.S. Oil & Gas Exploration & Production ETF IEO and First Trust Nasdaq Oil & Gas ETF FTXN.

Also Read: US Energy Stocks Fall Following Oil Giants’ Subdued Earnings Reports

Price Action: MPC shares closed lower by 0.95% at $177.86 on Monday.

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