- Push-out Score determined
- After 18 years in the position
- Praise and thanks for Yemin
- Avigal Soreq taking over
- Yemin will remain as Executive Chairman at Delek US
- Yemin made a lengthy statement and said 341 words
(exechange) — Brentwood, Tennessee, March 28, 2022 — Uzi Yemin, chief executive of Delek US, leaves his position. As announced by Delek US Holdings Inc. in a news release and in a regulatory filing published on Monday, March 28, 2022, Ezra Uzi Yemin leaves his post as chief executive officer at the downstream energy company, after 18 years in the role, effective in June 2022.
It is the end of an era.
Uzi Yemin’s duties as CEO will be taken over by Avigal Soreq, most recently Chief Executive Officer at El Al Israel Airlines.
The fact that Uzi Yemin’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
Uzi Yemin’s move coincides with a management shake-up also involving the positions of Chief Operating Officer of Delek US and Delek Logistics; and EVP and President of Refining at Delek US.
“Help achieve our full potential”
Delek US did not give an explicit reason for Uzi Yemin’s departure from the CEO post. Shlomo Zohar, Lead Independent Director of the Delek US Board, said: “Avigal brings a balanced combination of first-hand insight into our operations as well as outside executive perspective that we believe make him uniquely positioned to lead our organization. Our Board is confident Avigal is the right person to drive our next chapter of growth and help achieve our full potential.”
Yemin will remain as Executive Chairman at Delek US
“Ezra Uzi Yemin, Chairman and Chief Executive Officer of Delek US and President of Delek Logistics, will transition to the role of Executive Chairman of the Delek US Board of Directors. Mr. Yemin will continue as Chairman of the Delek Logistics Board,” Delek US said.
Share price decline since March 2017
The announcement follows a decline in Delek US Holdings Inc.’s share price of 17% since March 2017.
In the position of CEO since 2004
Uzi Yemin became CEO of the Company in 2004.
Yemin has served as the Chair of the Company’s Board since 2012, as the Company’s Chief Executive Officer since 2004 and as the Company’s President and a director since 2001.
He has also served as the chair of the board of directors and chief executive officer of Delek Logistics GP, LLC since 2012.
Yemin served as the chair of the board of directors of Alon USA Energy, Inc. from May 2015 until its merger with a subsidiary of the Company in July 2017.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Uzi Yemin’s move on a scale of 0 to 10.
exechange reached out to Delek US and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 14.2022 ($).