Summary
Marathon Petroleum Corporation (MPC) announced a key executive appointment in an 8-K filing dated August 3, 2021, detailing changes effective September 1, 2021. C. Kristopher Hagedorn has been appointed as the Company's Senior Vice President and Controller, and will also serve as the principal accounting officer. This appointment signifies continuity in financial leadership and brings a seasoned professional with extensive experience in accounting and financial roles within the energy sector to a critical position. Investors should note that Mr. Hagedorn's compensation structure remains consistent with existing programs, including his base salary, annual cash bonus, and long-term incentive plans, as previously disclosed in MPC's 2021 Proxy Statement. His prior experience includes significant roles at MPLX GP LLC, CONSOL Energy Inc., and Pricewaterhouse-Coopers LLP, underscoring his qualifications for this role. The filing also notes the transition of John J. Quaid, the outgoing Senior Vice President and Controller, to a new executive role at MPLX.
Key Highlights
- 1Appointment of C. Kristopher Hagedorn as Senior Vice President and Controller, effective September 1, 2021.
- 2Mr. Hagedorn will also assume the role of the Company's principal accounting officer.
- 3Mr. Hagedorn brings substantial experience from previous roles at MPLX GP LLC, CONSOL Energy Inc., and Pricewaterhouse-Coopers LLP.
- 4Hagedorn's compensation and participation in benefit plans remain consistent with existing Company programs.
- 5The appointment is effective September 1, 2021, with no changes to his base salary, annual cash bonus, or long-term incentive participation.
- 6John J. Quaid, the current Senior Vice President and Controller, will transition to Executive Vice President and Chief Financial Officer at MPLX, also effective September 1, 2021.