Marathon Petroleum Corp.
Marathon Petroleum Announces New CEO and Compensation Changes
Summary
Marathon Petroleum Corporation announced on August 6, 2024, the appointment of Maryann T. Mannen as Chief Executive Officer effective August 1, 2024. Ms. Mannen's annualized base salary has been increased to $1,400,000, and her target bonus opportunity has been increased to 165% of her base salary. Additionally, she received a one-time long-term incentive award of $2,917,000. Michael J. Hennigan, the former CEO, will transition to the role of Executive Chairman of the board, with his base salary reduced to $1,050,000. No changes have been made to his bonus opportunity percentage or his LTI award value for 2024, but it is expected to be reduced for 2025.
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About Marathon Petroleum Corp.
Marathon Petroleum Corp. is a leading integrated downstream energy company within the United States. Its primary function is to refine crude oil and distribute petroleum products, playing a pivotal role in the energy sector. Marathon Petroleum operates one of the largest refining systems in the nation, with refineries strategically located across the country, providing widespread access to key markets. The company is known for producing a variety of petroleum products, including gasoline, diesel, aviation fuels, and petrochemicals, which are essential to various sectors such as transportation, industrial, and residential markets. Marathon Petrol's comprehensive logistics network, including pipelines, terminals, and marine fleets, supports its extensive distribution capabilities. Moreover, its retail operations through the Speedway brand further enhance its market presence. Marathon Petroleum Corp. is significant in the energy market, contributing to the stability and efficiency of fuel supply and consumption patterns, thus impacting both local and national economic landscapes.
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