- Push-out Score suggests push-out forces
- After around three years on the job
- Praise, thanks, words of regret and good wishes for Owens
- No successor named
(exechange) — Dallas, Texas, June 22, 2017 — Bob Owens, chief executive of Sunoco GP, leaves. His departure is made public at an early stage. As announced by Sunoco LP in a news release and in a regulatory filing published on Thursday, June 22, 2017, Robert W. (Bob) Owens, chief executive officer at Sunoco GP LLC, leaves the general partner for Sunoco LP, which provides wholesale distribution and retail sale of motor fuels in a surprising move after around three years on the job, effective December 31, 2017.
Sunoco GP did not name a replacement for the position of chief executive officer.
Owens’ move is part of a management shake-up also involving the positions of chief operating officer, chief marketing officer and executive vice president manufacturing and distribution.
No reason given
In the announcement, Sunoco LP did not explicitly explain the reason for Owens’ move, leaving room for speculation.
Precise information about the future plans of Owens was not immediately available.
Sunoco LP said: “On June 22, 2017, Robert W. Owens, President and Chief Executive Officer of Sunoco GP LLC (the “Company”), the general partner of Sunoco LP (the “Partnership”), advised the Board of Directors (the “Board”) of the Company of his intent to retire from the Company effective as of December 31, 2017.”
Chaired by Matthew S. Ramsey
Sunoco LP is chaired by Matthew S. Ramsey.
Matthew S. Ramsey has served as a Sunoco LP Director since August 2014 and as the Company’s Chairman of the Board since April 2015.
On the job as CEO since 2014
Owens has been Chief Executive Officer of Sunoco GP LLC since August 29, 2014.
Owens, who joined Sunoco Inc. in 1997, has been serving as president and CEO since 2012.
Bob Owens is President and Chief Executive Officer of Sunoco LP.
He also has served as President and CEO of Sunoco, Inc. – an affiliate of Sunoco LP – since 2012 when Energy Transfer Partners, L.P. acquired Sunoco, Inc.
Previously he was Senior Vice President of Marketing of Sunoco, Inc., where he was responsible for the retail network; all commercial supply and trading activities involving crude oil, refined products, and petrochemicals; as well as wholesale marketing and transportation operations.
Prior to joining Sunoco in 1997, Owens held executive positions at Ultramar Diamond Shamrock Corporation, Amerada Hess Corporation and Mobil Oil Corporation.
Owens holds a B.S. in Business Administration and Marketing from California Polytechnic State University and a M.B.A. from the Kellogg Graduate School of Management at Northwestern University.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Bob Owens’ move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 26.2017 ($).