Marathon Petroleum Elects New Directors
Ticker: MPC · Form: 8-K · Filed: May 13, 2024 · CIK: 1510295
| Field | Detail |
|---|---|
| Company | Marathon Petroleum CORP (MPC) |
| Form Type | 8-K |
| Filed Date | May 13, 2024 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $1,750,000, $14,800,000, $1,050,000, $5,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: governance, board-of-directors, personnel-change
TL;DR
MPC added two new board members, Hennigan and Koch, effective immediately.
AI Summary
Marathon Petroleum Corporation (MPC) announced on May 11, 2024, the election of two new directors, Michael J. Hennigan and Donald C. Koch, to its Board of Directors, effective immediately. Hennigan, currently the CEO of Sunoco LP, and Koch, a former executive at LyondellBasell Industries, will serve until the company's 2025 annual meeting of stockholders. This move is part of the company's ongoing governance and strategic planning.
Why It Matters
The addition of new directors can signal shifts in strategic direction or governance, potentially impacting the company's future performance and shareholder value.
Risk Assessment
Risk Level: low — The filing concerns routine board appointments and does not involve significant financial transactions or operational changes.
Key Players & Entities
- Marathon Petroleum Corporation (company) — Registrant
- Michael J. Hennigan (person) — Newly elected director
- Donald C. Koch (person) — Newly elected director
- Sunoco LP (company) — Employer of Michael J. Hennigan
- LyondellBasell Industries (company) — Former employer of Donald C. Koch
- May 11, 2024 (date) — Effective date of director election
FAQ
Who are the newly elected directors to Marathon Petroleum's Board?
Michael J. Hennigan and Donald C. Koch were elected as new directors.
When were these director elections effective?
The elections were effective immediately as of May 11, 2024.
Until when will the new directors serve?
They will serve until the company's 2025 annual meeting of stockholders.
What is Michael J. Hennigan's current role?
Michael J. Hennigan is currently the CEO of Sunoco LP.
What was Donald C. Koch's previous affiliation?
Donald C. Koch is a former executive at LyondellBasell Industries.
Filing Stats: 1,240 words · 5 min read · ~4 pages · Grade level 11.1 · Accepted 2024-05-13 16:48:44
Key Financial Figures
- $1,750,000 — he Company's Chief Executive Officer is $1,750,000, and his current target bonus opportuni
- $14,800,000 — long-term incentive ("LTI") program was $14,800,000 for 2024. Ms. Mannen's current annual b
- $1,050,000 — se salary as the Company's President is $1,050,000, and her current target bonus opportuni
- $5,000,000 — lue under the Company's LTI program was $5,000,000 for 2024. Descriptions of the ACB and L
Filing Documents
- mpc-20240511.htm (8-K) — 35KB
- pressreleaseissuedbymarath.htm (EX-99.1) — 14KB
- image_0.jpg (GRAPHIC) — 28KB
- 0001510295-24-000052.txt ( ) — 216KB
- mpc-20240511.xsd (EX-101.SCH) — 2KB
- mpc-20240511_lab.xml (EX-101.LAB) — 21KB
- mpc-20240511_pre.xml (EX-101.PRE) — 12KB
- mpc-20240511_htm.xml (XML) — 3KB
01
Item 8.01 Other Events On May 13, 2024, the Company issued a press release announcing the leadership changes reported above. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 99.1 Press Release issued by Marathon Petroleum Corporation on May 13, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Marathon Petroleum Corporation Date: May 13, 2024 By: /s/ Molly R. Benson Name: Molly R. Benson Title: Chief Legal Officer and Corporate Secretary