Marathon Petroleum Corp. has announced a significant leadership transition, effective August 1, 2024. Maryann T. Mannen, currently serving as president, will succeed Michael J. Hennigan as chief executive officer and join the board of directors. Hennigan will transition from CEO to executive chairman of the board, while current chairman John Surma will continue as lead director, maintaining his role as a strong independent voice on the Board.
Hennigan, who has led MPC as CEO since March 2020 and joined the board in April 2020, leaves a legacy of transformative success. Mannen, who became president in January 2024 after serving as executive vice president and chief financial officer since January 2021, is poised to take the helm. Surma, who has been an independent chairman since April 2020 and a board member since 2011, praised Hennigan’s leadership and the team’s relentless pursuit of shareholder value, highlighting the core values of safety, environmental stewardship, integrity, respect, inclusion, and collaboration.
Under Hennigan’s leadership, MPC achieved several key milestones:
- Transforming strategic priorities to lower costs, improve commercial performance, and increase portfolio competitiveness.
- Strategically selling the retail business, leading to a robust capital return programme.
- Returning approximately $37 billion to shareholders through dividends and share repurchases, resulting in a total shareholder return of 918 percent since March 2020.
- Significantly growing the midstream business operated by subsidiary MPLX LP, with expansions in the Marcellus, Utica, and Permian basins.
Surma expressed confidence in a seamless transition with Hennigan as executive chairman and full support for Mannen’s leadership as CEO. He emphasised the exciting times in the energy sector and the strength of MPC’s employees and assets.
Hennigan endorsed Mannen’s election, citing her 38 years of energy-sector experience, her contributions to MPC’s success, and her strong financial expertise. Mannen expressed her honour and commitment to leading MPC, emphasising priorities aligned with safety, environmental stewardship, and operational performance to enhance shareholder value.
Mannen’s background includes serving as MPC president since January 2024 and as executive vice president and CFO since January 2021. She has also been a board member of MPLX LP since February 2021. Before joining MPC, Mannen was executive vice president and CFO at TechnipFMC and FMC Technologies, Inc., where she held various positions of increasing responsibility since 1986. Mannen is also a board member of Owens Corning, a company specialising in insulation, roofing, and fiberglass composites.
For more information visit www.marathonpetroleum.com
