Who is Maryann T. Mannen and why is her appointment significant?

Maryann T. Mannen is the Executive Vice President and Chief Financial Officer of Marathon Petroleum Corporation (MPC), MPLX LP's parent company. Her appointment to the MPLX Board is significant because it brings financial leadership from the parent company directly to the partnership's governance, likely enhancing strategic alignment and financial oversight.

How does this appointment affect MPLX's governance structure?

The appointment expands the size of the MPLX GP LLC Board of Directors from ten to eleven members. This adds another independent voice, or at least a voice with significant financial expertise from the parent company, to the decision-making body overseeing MPLX.

Will Maryann T. Mannen be compensated for her role on the MPLX Board?

No, Ms. Mannen will not receive separate compensation for her services as a director on the MPLX Board. This is because she is already compensated in her full-time executive role as CFO of Marathon Petroleum Corporation (MPC).

Is this a change in control or a shift in MPLX's relationship with MPC?

This filing specifically addresses a board appointment and does not indicate a change in control or a fundamental shift in the relationship between MPLX and MPC. It reflects an ongoing governance alignment, leveraging the financial expertise of MPC's CFO within MPLX's board structure.

MPLX/MPLXP 8-K: Leadership Changes

Summary

MPLX LP (MPLX) announced a change to its Board of Directors on February 1, 2021, through an 8-K filing. The board of directors of MPLX GP LLC, the general partner of MPLX LP, has been expanded to eleven members with the appointment of Maryann T. Mannen. This appointment is effective immediately and is a direct result of actions taken by the sole member of the general partner, MPC Investment LLC. Ms. Mannen's appointment is significant as she is currently the Executive Vice President and Chief Financial Officer of Marathon Petroleum Corporation (MPC), the parent company that holds the general partner interest and a majority limited partnership interest in MPLX. Her role as CFO of MPC brings a deep financial perspective to the MPLX Board. Notably, Ms. Mannen will not receive any additional compensation for her services on the Board, given her existing role within MPC.

Key Highlights

1MPLX LP's Board of Directors has been expanded to eleven members.
2Maryann T. Mannen has been appointed as a new director to the Board, effective February 1, 2021.
3Ms. Mannen's appointment was made by the board of managers of MPC Investment LLC, the sole member of MPLX GP LLC.
4Ms. Mannen currently serves as Executive Vice President and Chief Financial Officer of Marathon Petroleum Corporation (MPC).
5MPC is the parent company of MPLX's general partner and holds a majority limited partnership interest in MPLX.
6Ms. Mannen will not receive separate compensation for her Board service due to her role at MPC.

MPLX LP 8-K Report, Executive Changes (Feb 1, 2021)

Summary

Key Highlights

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