- Push-out Score determined
- After about four years in the position
- Praise for Damiris
- Mike Jennings taking over
(exechange) — Dallas, Texas, November 15, 2019 — George Damiris, chief executive of HollyFrontier, leaves. As announced by HollyFrontier Corp. in a news release and in a regulatory filing published on Friday, November 15, 2019, George J. Damiris leaves his post as Chief Executive Officer at the petroleum refiner after about four years in the role, effective December 31, 2019.
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 7.5 years, according to data compiled by exechange.
The announcement of George Damiris’s move comes nine months after Franklin Myers took over as Chairman of HollyFrontier Corporation.
George Damiris’s duties as CEO will be taken over by Michael C. (Mike) Jennings, a former Chief Executive Officer of HollyFrontier Corporation.
Already a director
Jennings is already a director of HollyFrontier.
No reason given
In the announcement, HollyFrontier did not explicitly explain the reason for George Damiris’s move.
Precise information regarding George Damiris’s future plans was not immediately available.
HollyFrontier said: “George Damiris notified the Board of Directors of HollyFrontier that he will retire as CEO, President and Director of HollyFrontier on December 31, 2019.”
HollyFrontier further said: “On November 13, 2019, George J. Damiris, Chief Executive Officer, President and Director of HollyFrontier Corporation (the “Corporation”) notified the Board of Directors of the Corporation (the “Board”) that he will retire from all officer and director positions at the Corporation and its subsidiaries effective December 31, 2019.”
Share price decline
The announcement follows a decline in HollyFrontier Corporation’s share price of 30% since June 2018.
Chaired by Franklin Myers
HollyFrontier Corporation is chaired by Franklin Myers.
Myers has served as the Chairman of the Board of HollyFrontier Corporation since February 2019. Myers has served as a senior advisor of Quantum Energy Partners, a private equity firm, since February 2013.
In the position of CEO since 2016
George Damiris became CEO of the Company in January 2016.
Damiris was appointed CEO and President of HollyFrontier in January 2016 and has served on the Board of Directors of HollyFrontier since December 2015.
Damiris joined Holly Corporation (“Holly”) in 2007 and held several roles at the company prior to his appointment as CEO and President.
Damiris has served as Chief Executive Officer and President of the Company since January 2016, as Chief Executive Officer of HLS since November 2016 and as President of HLS since February 2017.
He previously served as Executive Vice President and Chief Operating Officer of the Company from September 2014 to January 2016 and as Senior Vice President, Supply and Marketing of the Company from January 2008 until September 2014.
Damiris joined the Company in 2007 as Vice President, Corporate Development after an 18-year career with Koch Industries, where he was responsible for managing various refining, chemical, trading and financial businesses.
Damiris currently serves as a director of Eagle Materials Inc. and of HLS, the general partner of the general partner of HEP.
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.
exechange reached out to HollyFrontier and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 46.2019 ($).