Summary
MPLX LP (MPLX) reported on August 10, 2020, the retirement of John S. Swearingen, Executive Vice President of Logistics and Storage, effective August 28, 2020. Mr. Swearingen's departure marks the end of a long tenure of over 39 years with the company and its affiliates, including Marathon Petroleum Corporation (MPC). This filing primarily details the terms of his retirement, including severance compensation and accelerated vesting of long-term incentive awards.
Key Highlights
- 1John S. Swearingen, EVP of Logistics and Storage, is retiring effective August 28, 2020.
- 2Mr. Swearingen has served the company and its affiliates for over 39 years.
- 3His responsibilities will be absorbed by existing executives, Timothy J. Aydt and Gregory S. Floerke.
- 4Mr. Swearingen will receive a severance payment of $929,026.
- 5He will receive accelerated vesting for certain long-term incentive awards from 2018, 2019, and 2020.
- 6Mr. Swearingen is also entitled to standard retirement and welfare benefits.