8-KLeadership ChangesOther EventsExhibits & Filings

Marathon Petroleum Corp 8-K Report, Executive Changes (Jan 13, 2021)

Filed January 13, 2021For Securities:MPC

Summary

Marathon Petroleum Corporation (MPC) announced a significant leadership change in its finance department, appointing Maryann T. Mannen as the new Executive Vice President and Chief Financial Officer (CFO), effective January 25, 2021. Ms. Mannen brings extensive experience from her previous CFO roles at TechnipFMC and FMC Technologies, where she was responsible for overall financial management, reporting, and corporate functions. This appointment is a key development for investors seeking stability and expertise in financial leadership, especially given MPC's ongoing strategic initiatives and operational scale. The company has outlined a compensation package for Ms. Mannen that includes a base salary of $925,000, an annual target bonus of 110% of her base salary, a significant one-time restricted stock unit grant valued at $3,500,000 vesting over three years, and a $4,000,000 target long-term incentive grant for 2021. These incentives are designed to align her compensation with the company's performance and encourage long-term commitment. The transition also involves the retirement of the previous CFO, Donald C. Templin, who will serve in an advisory capacity until June 2021 to ensure a smooth handover.

Key Highlights

  • 1Appointment of Maryann T. Mannen as Executive Vice President and Chief Financial Officer (CFO) effective January 25, 2021.
  • 2Ms. Mannen has substantial prior CFO experience at TechnipFMC and FMC Technologies.
  • 3Ms. Mannen's compensation includes a $925,000 base salary and a target annual bonus of 110% of base salary.
  • 4A one-time restricted stock unit grant of $3,500,000, vesting over three years, has been awarded to Ms. Mannen.
  • 5Ms. Mannen's 2021 target long-term incentive grant is valued at $4,000,000.
  • 6Donald C. Templin, the outgoing CFO, will transition to an advisory role until June 2021.
  • 7No undisclosed arrangements, family relationships, or conflicts of interest were noted regarding Ms. Mannen's appointment.

Frequently Asked Questions

Marathon Petroleum Corp has appointed Maryann T. Mannen as its new Executive Vice President and Chief Financial Officer, effective January 25, 2021.

Ms. Mannen has extensive experience as a Chief Financial Officer, most recently at TechnipFMC from January 2017 to January 2021, and prior to that, at FMC Technologies, Inc. from March 2014 to January 2017. She has held various senior finance roles since 1986.

Ms. Mannen will receive an annual base salary of $925,000, is eligible for an annual bonus with a target opportunity of 110% of her base salary, a one-time restricted stock unit grant of $3,500,000 vesting over three years, and a target long-term incentive grant of $4,000,000 for 2021. She will also participate in standard company benefit plans.

Donald C. Templin, the previous CFO, announced his retirement and will serve in an advisory capacity to assist with the transition through June 2021. He will not receive a salary during this advisory period but will continue to accrue service.