Marathon Petroleum Updates Executive Compensation Arrangements

TL;DR

**Marathon Petroleum just tweaked executive pay, watch for strategic shifts.**

AI Summary

Marathon Petroleum Corporation filed an 8-K on January 9, 2024, reporting an event that occurred on January 8, 2024, related to changes in its executive compensation arrangements. This filing, under Item 5.02, indicates adjustments to how certain officers are compensated, which could impact the company's financial performance and executive incentives. For investors, understanding these changes is crucial as they can influence executive motivation and potentially affect the company's bottom line, thereby impacting stock value.

Why It Matters

Changes in executive compensation can signal shifts in company strategy or performance incentives, directly influencing leadership's focus and potentially impacting shareholder returns.

Risk Assessment

Risk Level: low — This filing is routine for reporting changes in executive compensation and does not inherently indicate a high level of risk.

Analyst Insight

Investors should monitor future filings or company announcements for specific details regarding the changes in compensatory arrangements to assess their potential impact on executive performance and company strategy.

Key Players & Entities

• Marathon Petroleum Corporation (company) — the registrant filing the 8-K
• January 8, 2024 (date) — date of the earliest event reported
• January 9, 2024 (date) — date the 8-K was filed
• Delaware (company) — state of incorporation for Marathon Petroleum Corporation
• 539 South Main Street, Findlay, Ohio 45840 (company) — address of principal executive offices
• 001-35054 (company) — Commission File Number for Marathon Petroleum Corporation
• MPC (company) — trading symbol for Marathon Petroleum Corporation
• New York Stock Exchange (company) — exchange where Marathon Petroleum Corporation's common stock is registered

FAQ

From the Filing

0001510295-24-000002.txt : 20240109 0001510295-24-000002.hdr.sgml : 20240109 20240109160947 ACCESSION NUMBER: 0001510295-24-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 12 CONFORMED PERIOD OF REPORT: 20240108 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20240109 DATE AS OF CHANGE: 20240109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Marathon Petroleum Corp CENTRAL INDEX KEY: 0001510295 STANDARD INDUSTRIAL CLASSIFICATION: PETROLEUM REFINING [2911] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 271284632 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35054 FILM NUMBER: 24523363 BUSINESS ADDRESS: STREET 1: 539 SOUTH MAIN STREET CITY: FINDLAY STATE: OH ZIP: 45840-3229 BUSINESS PHONE: 419-421-2159 MAIL ADDRESS: STREET 1: 539 SOUTH MAIN STREET CITY: FINDLAY STATE: OH ZIP: 45840-3229 8-K 1 mpc-20240108.htm 8-K mpc-20240108 0001510295 false 0001510295 2024-01-08 2024-01-08 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________________ FORM 8-K _____________________________________________ CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) January 8, 2024 _____________________________________________ Marathon Petroleum Corporation (Exact name of registrant as specified in its charter) _____________________________________________ Delaware   001-35054   27-1284632 (State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.) 539 South Main Street , Findlay , Ohio 45840 (Address of principal executive offices) (Zip code) Registrant’s telephone number, including area code: ( 419 )  422-2121 _____________________________________________ Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:  ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Stock, par value $.01 MPC New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Appointment of Principal Accounting Officer Effective January 8, 2024, Marathon Petroleum Corporation (the "Company") appointed Erin M. Brzezinski as Vice President and Controller. In this capacity, Ms. Brzezinski will be the Company’s principal accounting officer. Ms. Brzezinski is succeeding C. Kristopher Hagedorn, who ceased to serve as Senior Vice President and Controller of the Company effective January 8, 2024. As previously disclosed, Mr. Hagedorn was appointed Executive Vice President