Summary
Marathon Petroleum Corporation (MPC) announced a change in its Board of Directors on July 30, 2013. The company expanded its board size to twelve members and elected two new directors, Steven A. Davis and James E. Rohr. This expansion and appointment of new directors could signal a strategic shift or a response to evolving corporate governance needs. Mr. Davis has been appointed to the Audit Committee and the Corporate Governance and Nominating Committee. Mr. Rohr will serve on the Audit Committee and the Compensation Committee. These committee appointments suggest a focus on enhancing oversight in financial reporting, governance practices, and executive compensation. As non-employee directors, both will receive compensation consistent with MPC's established policy for independent directors, which includes a portion in MPLX LP phantom units.
Key Highlights
- 1Board size increased from eleven to twelve members.
- 2Steven A. Davis and James E. Rohr were elected as new directors.
- 3Steven A. Davis appointed to Audit Committee and Corporate Governance and Nominating Committee.
- 4James E. Rohr appointed to Audit Committee and Compensation Committee.
- 5New directors will be compensated similarly to other non-employee directors.
- 6A portion of non-employee director compensation is in MPLX LP phantom units, effective January 1, 2013.