Business Context and Reporting Period
This Form 8-K filing by Marathon Petroleum Corporation (MPC) was submitted on January 8, 2024. The report discloses a change in the Company's senior management team, specifically the appointment of a new Principal Accounting Officer effective January 8, 2024.
Key Financial Metrics
This filing does not contain financial performance data. There are no disclosures regarding revenue, profit, cash flow, margins, debt, or liquidity metrics in this document.
Material Changes
The material change reported is the departure of C. Kristopher Hagedorn as Senior Vice President and Controller and the simultaneous appointment of Erin M. Brzezinski to the role of Vice President and Controller. Mr. Hagedorn is transitioning to serve as Executive Vice President and Chief Financial Officer of MPLX GP LLC, an indirect, wholly owned subsidiary of MPC.
Management Commentary and Compensation
Ms. Brzezinski, 41, has been with the Company since August 2021, previously serving as Assistant Controller, Technical Accounting. Her prior experience includes roles at PricewaterhouseCoopers LLP and Cooper Tire & Rubber Company. She will receive an annual base salary and remain eligible for the Company's annual cash bonus (ACB) and long-term incentive (LTI) programs, as well as standard benefit plans. The filing states there are no other arrangements or understandings regarding her appointment.
Investor Verification Checklist
- Verify the effective date of the leadership transition (January 8, 2024).
- Confirm the new role of C. Kristopher Hagedorn at MPLX GP LLC.
- Review the 2023 Proxy Statement (filed March 13, 2023) for details on the ACB and LTI compensation programs applicable to Ms. Brzezinski.
- Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial data.