Mannen to become Marathon CEO

FINDLAY — Marathon Petroleum Corp. President Maryann Mannen will succeed Michael Hennigan as chief executive officer on Aug. 1, the company reported. Mannen also will join the company board of directors. Hennigan will transition from CEO to executive chairman of the board. Marathon Petroleum Board Chairman John Surma has been elected to serve as lead director. Hennigan has led Marathon Petroleum as CEO since March 2020 and joined the board of directors in April 2020. Mannen has served as president since January 2024. She previously served as executive vice president and chief financial officer. Surma became independent chairman of the board in April 2020, having served as a member of the board since 2011. "(Hennigan's) leadership of (Marathon Petroleum) has been marked by a time of tremendous success," Surma said. Surma cited Marathon's accomplishments during Hennigan's time as CEO: • Structurally lowering costs, improving commercial performance and increasing the company's competitiveness. • Sale of Speedway in 2021 to 7-Eleven, resulting in a robust capital return program. • Return of about $37 billion to Marathon Petroleum shareholders through dividends and share repurchases, for total shareholder return, with dividends reinvested, of 918% since March 2020. • Significant growth of the part of the business involving storage, processing, and transportation of petroleum products, which is operated by subsidiary MPLX, including expansion in the Marcellus, Utica and Permian basins. "We are pleased to have Mike serve as executive chairman of the board as we focus on a successful and seamless transition," Surma said. "The board unanimously supports and looks forward to Maryann's leadership as our next CEO. It's an exciting time in the energy sector, and she will take the helm of a company with exceptional employees and an outstanding set of assets." "Our confidence in Maryann as the right leader for our company is based on her contributions to the (Marathon Petroleum) success story, as well as her proven track record as an energy-sector veteran of 38 years," he said. "She has demonstrated a keen understanding of our business, clear judgment and a strong financial expertise that will serve shareholders well. Before joining Marathon, Mannen served as executive vice president and chief financial officer of TechnipFMC, a leading global engineering services and energy technology company.