What is the significance of Donald C. Templin stepping down as Principal Financial Officer?

Mr. Templin's transition to Executive Vice President, Supply, Transportation, and Marketing suggests a strategic reallocation of leadership focus towards operational and commercial aspects of the business, while freeing him from the direct financial reporting duties.

What is Timothy T. Griffith's background and why is he a suitable candidate for CFO?

Mr. Griffith has a strong financial background, having served as MPC's Vice President of Finance and Investor Relations since 2014 and before that as Vice President of Finance and Treasurer. His prior experience at Smurfit-Stone Container Corporation included executive responsibility for investor relations and treasury operations. He is also a Chartered Financial Analyst (CFA) and holds an MBA, indicating deep financial expertise.

What compensation package has been established for the new CFO, Timothy T. Griffith?

Mr. Griffith will receive an initial base salary of $525,000. He is also eligible for an annual cash bonus program with a target of 80% of his base salary, performance-dependent, and will continue to participate in long-term incentive compensation and other standard employee benefit plans.

Will Timothy T. Griffith maintain his responsibilities in investor relations?

Yes, in his new capacity as CFO, Mr. Griffith will continue to have responsibility for finance, treasury, and investor relations functions, ensuring continuity and leveraging his established relationships with the investment community.

MPC 8-K: Leadership Changes

Summary

Marathon Petroleum Corporation (MPC) announced a key executive leadership change effective March 3, 2015. Donald C. Templin has been appointed Executive Vice President of Supply, Transportation, and Marketing, stepping down from his role as Principal Financial Officer. This move signifies a strategic shift in operational focus for Mr. Templin. Concurrently, Timothy T. Griffith has been promoted to Senior Vice President and Chief Financial Officer (CFO), assuming the responsibilities of Principal Financial Officer. Mr. Griffith, previously Vice President of Finance and Investor Relations, brings extensive experience in finance, treasury, and investor relations, and will retain oversight of these critical functions. His compensation package reflects his new senior role, including a base salary of $525,000 and eligibility for annual bonuses and long-term incentives.

Key Highlights

1Donald C. Templin appointed Executive Vice President, Supply, Transportation, and Marketing.
2Donald C. Templin no longer serves as Principal Financial Officer.
3Timothy T. Griffith appointed Senior Vice President and Chief Financial Officer (CFO).
4Timothy T. Griffith will serve as MPC's Principal Financial Officer.
5Timothy T. Griffith to retain responsibilities for finance, treasury, and investor relations.
6Timothy T. Griffith's new role includes a base salary of $525,000 and target bonus of 80% of base salary.
7Timothy T. Griffith is a Chartered Financial Analyst with prior experience at Smurfit-Stone Container Corporation.

Marathon Petroleum Corp 8-K Report, Executive Changes (Mar 9, 2015)

Summary

Key Highlights

Frequently Asked Questions