- Push-out Score determined
- After around eight years in the position
- Accolades, praise and thanks for Heminger
- Search for a successor
- Heminger said 64 words
(exechange) — Findlay, Ohio, October 31, 2019 — Gary Heminger, chief executive of Marathon, leaves. As announced by Marathon Petroleum Corp. in a news release on Thursday, October 31, 2019, Gary R. Heminger leaves his post as Chief Executive Officer at the largest U.S. independent refiner after around eight years in the role, effective in 2020.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.4 years, according to data compiled by exechange.
Marathon will undertake a search for a successor.
No reason given
In the announcement, Marathon did not explicitly explain the reason for Gary Heminger’s move.
Precise information regarding Gary Heminger’s future plans was not immediately available.
Marathon said: “Gary R. Heminger, Chairman and Chief Executive Officer of Marathon Petroleum Corporation (NYSE: MPC), today announced his plan to retire from MPC, where he has served as president and CEO since the company’s spin-off from Marathon Oil in June 2011, and as chairman and CEO since 2016.”
Marathon further said: “Gary R. Heminger Announces Plan To Retire From Marathon Petroleum In 2020 After 45 Years; Will retire after 2020 Annual Shareholders’ Meeting, fulfilling pledge to serve out extended term.”
Share price decline
The announcement follows a decline in Marathon Petroleum Corporation’s share price of 22% since October 2018.
In the position of CEO since 2011
Gary Heminger became CEO of the Company in June 2011.
Concurrent with Heminger’s MPC retirement, he will also retire from MPLX GP LLC, the general partner of MPLX LP (NYSE: MPLX).
Heminger joined Marathon in 1975 and his experience spans more than four decades in a range of business groups and functions.
As vice president of Business Development he was integral to the formation of Marathon Ashland Petroleum in January 1998, and was named senior vice president, Business Development in 1999.
In January 2001, he was appointed executive vice president, Supply, Transportation and Marketing and, subsequently, president of Marathon Ashland Petroleum LLC, in September 2001.
In addition, he was named executive vice president – Downstream of Marathon Oil Corporation and served as a member of Marathon’s Executive Committee.
Heminger was appointed president and chief executive officer of Marathon Petroleum Corporation on July 1, 2011, and elected Chairman of the board in 2016.
Under Heminger’s leadership, Marathon Petroleum was honored by Forbes magazine as the Best Employer of 2015.
Heminger earned a bachelor’s degree in accounting from Tiffin University and a master’s degree in business administration from the University of Dayton, Ohio; he is also a graduate of the Wharton School Advanced Management Program at the University of Pennsylvania.
Heminger is a member of the Oxford Institute for Energy Studies; past chairman of the Board of Trustees of Tiffin University; and was recently elected Chairman of the Board of Trustees of The Ohio State University.
He sits on the Boards of Directors and Executive Committees of the American Petroleum Institute (API) and American Fuel & Petrochemical Manufacturers (AFPM), and also on the Boards of Directors of Fifth Third Bancorp and PPG Industries, Inc.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
Read the full story in the exechange report 44.2019 ($).