Business Context and Reporting Period
This Form 8-K filing by Marathon Petroleum Corporation (MPC) reports executive leadership changes announced on June 20, 2019, with effective dates of July 1, 2019. The filing addresses Item 5.02 regarding the departure of certain officers and the appointment of new officers.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel transitions and does not contain financial performance data.
Material Changes
- Timothy T. Griffith: Appointed President of Speedway LLC, succeeding Anthony R. Kenney. He will cease serving as MPC's principal financial officer (CFO) upon this appointment.
- Anthony R. Kenney: Will retire later in the year. He will serve as Executive Vice President to support the Speedway transition and strategic projects until retirement.
- Donald C. Templin: Appointed Executive Vice President and Chief Financial Officer. He will serve as the principal financial officer effective July 1, 2019.
Guidance, Outlook, and Risks
The filing does not contain financial guidance, market outlook, or specific risk factors. Management commentary is limited to the transition plan for the Speedway unit and the continuity of compensation for the affected executives, which will remain materially similar to terms described in the 2019 Proxy Statement.
Investor Verification Checklist
- Verify the effective date of July 1, 2019, for the new CFO and Speedway President roles.
- Confirm the retirement timeline for Anthony R. Kenney.
- Review the 2019 Proxy Statement and 2018 10-K for detailed biographical information and compensation structures for Timothy T. Griffith and Donald C. Templin.
- Monitor future filings for the appointment of a successor to Donald C. Templin in the Refining, Marketing, and Supply role.