8-KLeadership Changes

MPLX LP 8-K Report, Executive Changes (Aug 5, 2014)

Filed August 5, 2014For Securities:MPLXMPLXP

Summary

This 8-K filing from MPLX LP, dated August 4, 2014, announces a key executive change within the company's accounting leadership. Effective October 1, 2014, Ian D. Feldman, currently the controller of the General Partner, will also assume the role of the Partnership's principal accounting officer. Mr. Feldman will succeed Michael G. Braddock, who is retiring on the same date. This transition marks a continuation of financial leadership within MPLX, with Mr. Feldman bringing a diverse background in commercial banking and extensive experience in finance and accounting roles, including his tenure at BP Products North America Inc. Investors should note that Mr. Feldman's compensation is tied to Marathon Petroleum Corporation, the parent entity of MPLX's General Partner, aligning his incentives with the broader corporate structure.

Key Highlights

  • 1Appointment of Ian D. Feldman as Principal Accounting Officer, effective October 1, 2014.
  • 2Succession of Michael G. Braddock, who is retiring on October 1, 2014.
  • 3Ian D. Feldman currently serves as Controller of MPLX GP LLC, the General Partner.
  • 4Mr. Feldman has a strong background in finance and accounting, including roles at BP Products North America Inc. and Citicorp.
  • 5Mr. Feldman's compensation is linked to Marathon Petroleum Corporation, the parent of MPLX's General Partner.
  • 6This filing addresses Item 5.02 regarding departures and appointments of officers.

Frequently Asked Questions

Ian D. Feldman, who is currently the controller of MPLX GP LLC (the General Partner), has been appointed to serve as the Partnership's principal accounting officer, effective October 1, 2014.

The appointment of Ian D. Feldman as Principal Accounting Officer is effective October 1, 2014. This is also the retirement date for Michael G. Braddock.

Mr. Feldman has a bachelor's degree in history and economics from Tufts University and an MBA from Emory University. He has a decade of experience in commercial banking, including at Citicorp, and held various finance and accounting roles at BP Products North America Inc. before joining MPLX GP LLC as controller in February 2014.

Mr. Feldman receives an annual base salary from Marathon Petroleum Corporation and is eligible for its annual cash bonus program, long-term incentive compensation plan, and other employee benefits. He also participates in MPLX's long-term incentive compensation plan.