Marathon Petroleum Corp. Announces Executive & Director Changes

Ticker: MPC · Form: 8-K · Filed: 2024-10-31T00:00:00.000Z

Sentiment: neutral

Topics: corporate-governance, executive-compensation, director-changes

Related Tickers: MPC

TL;DR

MPC board shakeup: new director in, one out. Officer pay details updated.

AI Summary

Marathon Petroleum Corporation (MPC) announced on October 30, 2024, changes in its executive and director roles. Specifically, the company reported the departure of a director and the election of a new director, along with updates to compensatory arrangements for certain officers. The filing details these personnel changes and their implications for the company's governance and compensation structure.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy or governance, impacting investor confidence and future performance.

Risk Assessment

Risk Level: low — This filing primarily concerns routine corporate governance changes, such as director appointments and compensation updates, which typically carry low immediate risk.

Key Players & Entities

FAQ

What specific roles have been affected by the director changes?

The filing indicates the departure of a director and the election of a new director, but does not specify the exact committee or leadership roles that have been affected by these changes.

When was the effective date of these reported changes?

The date of the earliest event reported is October 30, 2024, and the date as of change is also October 30, 2024.

Are there any details provided on the new compensatory arrangements for officers?

The filing mentions updates to 'Compensatory Arrangements of Certain Officers' as an item being reported, but the specific details of these arrangements are not included in the provided text.

What is Marathon Petroleum Corporation's primary industry?

Marathon Petroleum Corporation is in the PETROLEUM REFINING industry, with SIC code 2911.

Where is Marathon Petroleum Corporation headquartered?

Marathon Petroleum Corporation's principal executive offices are located at 539 South Main Street, Findlay, Ohio 45840.

From the Filing

0001510295-24-000073.txt : 20241031 0001510295-24-000073.hdr.sgml : 20241031 20241031161836 ACCESSION NUMBER: 0001510295-24-000073 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 13 CONFORMED PERIOD OF REPORT: 20241030 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers FILED AS OF DATE: 20241031 DATE AS OF CHANGE: 20241031 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: 241415494 BUSINESS ADDRESS: STREET 1: 539 SOUTH MAIN STREET CITY: FINDLAY STATE: OH ZIP: 45840-3229 BUSINESS PHONE: 419-422-2121 MAIL ADDRESS: STREET 1: 539 SOUTH MAIN STREET CITY: FINDLAY STATE: OH ZIP: 45840-3229 8-K 1 mpc-20241030.htm 8-K mpc-20241030 0001510295 false 0001510295 2024-10-30 2024-10-30 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) October 30, 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. On October 30, 2024, the Board of Directors (the “Board”) of Marathon Petroleum Corporation (the “Company”) increased the size of the Board to fifteen members and elected Jeffrey C. Campbell as a director of the Company, with such increase in the size of the Board and election effective as of November 11, 2024. Mr. Campbell was appointed to serve on the Board’s Audit Committee and Compensation and Organization Development Committee, also effective November 11, 2024.

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