- After about four and a half years in the position
- Accolades, praise and thanks for Hennigan
- Maryann Mannen taking over
- Hennigan will remain as Executive Chairman at Marathon Petroleum
- Hennigan kept it short and said 56 words
(exechange) — Findlay, Ohio, May 13, 2024 — Mike Hennigan, chief executive of Marathon Petroleum, leaves his position. As announced by Marathon Petroleum Corp. in a news release and in a regulatory filing published on Monday, May 13, 2024, Michael J. (Mike) Hennigan leaves his post as chief executive officer at the oil refiner, after about four and a half years in the role, effective August 1, 2024.
Mike Hennigan’s duties as CEO will be taken over by Maryann T. Mannen, currently President at Marathon Petroleum Corp.
Mannen will become the first female CEO at Marathon.
No reason given
In the announcement, Marathon Petroleum did not explicitly explain the reason for the move.
Hennigan will remain as Executive Chairman at Marathon Petroleum
Marathon Petroleum stated: “Marathon Petroleum Corp. … today announced its leadership transition plan, with all positions effective August 1, 2024. At that time, MPC President Maryann T. Mannen will succeed Michael J. Hennigan as Chief Executive Officer and will join the Board of Directors; Hennigan will transition from CEO to Executive Chairman of the Board; and, continuing as the Board’s strong independent voice, MPC Chairman John Surma has been elected to serve as Lead Director.”
“Cease to serve”
Marathon Petroleum said: “On May 11, 2024, the board of directors … of Marathon Petroleum Corporation … appointed Maryann T. Mannen as Chief Executive Officer of the Company, effective August 1, 2024. In this capacity, she will be the Company’s principal executive officer. Ms. Mannen will succeed Michael J. Hennigan, who will cease to serve as the Chief Executive Officer of the Company effective August 1, 2024.”
Share price increase since May 2023
The announcement follows an increase in Marathon Petroleum Corp.’s share price of 47% since May 2023.
In the position of CEO since 2020
Mike Hennigan became CEO of the Company in 2020.
Hennigan was elected MPC CEO effective March 2020.
He has served as a member of the Board of Directors since April 2020.
Hennigan has also served as Chairman of the Board of Directors of the general partner of MPLX LP since April 2020, as its CEO since November 2019 and as its President since June 2017.
Before joining the general partner of MPLX LP, Hennigan was President, Crude, NGL and Refined Products of the general partner of Energy Transfer Partners L.P.
He was President and Chief Executive Officer of Sunoco Logistics Partners L.P. from 2012 to 2017, President and Chief Operating Officer beginning in 2010, and Vice President, Business Development, beginning in 2009.
Hennigan also serves on the board of directors of Nutrien, a Canadian agricultural services company.
56 words by Mike Hennigan
In the release announcing his departure as CEO of Marathon Petroleum Corp., Mike Hennigan received accolades, praise and thanks.
In the release announcing his departure as CEO, Mike Hennigan kept it short and said 56 words.
“The right leader”
Mike Hennigan stated: “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.”
The above text is an excerpt from the exechange report 21.2024 ($), publication date May 20, 2024.