Business Context and Reporting Period
This Form 8-K filing by Marathon Petroleum Corporation (MPC) reports corporate governance changes effective March 3, 2015. The report was filed on March 9, 2015, regarding the appointment of new executive officers and the reassignment of existing roles.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This document focuses exclusively on personnel changes and compensation arrangements.
Material Changes
- Departure of Principal Financial Officer: Donald C. Templin ceased serving as principal financial officer effective March 3, 2015.
- Appointment of Executive Vice President: Donald C. Templin was appointed executive vice president, supply, transportation and marketing.
- Appointment of Chief Financial Officer: Timothy T. Griffith was appointed senior vice president and chief financial officer, serving as the new principal financial officer.
Management Commentary and Compensation
Timothy T. Griffith, age 45, previously served as vice president, finance and investor relations, and treasurer since January 1, 2014. He retains responsibility for finance, treasury, and investor relations functions. His compensation package includes:
- Base Salary: $525,000 annually.
- Annual Cash Bonus: Target opportunity equal to 80% of base salary, contingent on performance goals.
- Long-Term Incentives: Eligible to participate in MPC's long-term incentive compensation plan and other benefit programs.
Investor Verification Checklist
- Verify the transition timeline for financial reporting responsibilities between Mr. Templin and Mr. Griffith.
- Review subsequent filings for any changes to the company's capital structure or treasury operations under the new CFO.
- Confirm the impact of Mr. Templin's move to supply and marketing on operational strategy.