8-KLeadership ChangesRegulation FDExhibits & Filings

MPLX LP 8-K Report, Executive Changes (Aug 4, 2021)

Filed August 4, 2021For Securities:MPLXMPLXP

Summary

MPLX LP (MPLX) announced a significant leadership transition in its finance department via an 8-K filing on August 3, 2021, detailing changes effective September 1, 2021. The most notable change is the appointment of John J. Quaid as the new Executive Vice President and Chief Financial Officer (CFO), who will also serve as the company's principal financial officer. Mr. Quaid brings extensive experience from its ultimate parent company, Marathon Petroleum Corporation (MPC), where he served as Senior Vice President and Controller. This appointment signals a continuation of the company's strategy, as MPLX relies on MPC for its operational and management personnel. Investors should note that Mr. Quaid's compensation and benefits will be managed through MPC. Additionally, Kelly D. Wright has been appointed as Vice President and Controller, effective September 1, 2021, and will serve as MPLX's principal accounting officer. Ms. Wright also has a strong background within MPC and its predecessor companies, including Andeavor. The filing also marks the retirement of current CFO Pamela K.M. Beall after over 25 years of service, with an advisory role to ensure a smooth transition. These executive changes are part of normal course operations and succession planning within the MPLX structure.

Key Highlights

  • 1John J. Quaid appointed as Executive Vice President and Chief Financial Officer (CFO) and principal financial officer, effective September 1, 2021.
  • 2Kelly D. Wright appointed as Vice President and Controller and principal accounting officer, effective September 1, 2021.
  • 3Both new appointees are employees of MPLX's ultimate parent, Marathon Petroleum Corporation (MPC), reinforcing the personnel service agreement between MPLX and MPC.
  • 4Mr. Quaid's compensation package includes a base salary of $575,000 from MPC, eligibility for annual cash bonuses, and a target long-term incentive award of $1,200,000 starting in 2022.
  • 5Ms. Wright will continue to participate in MPC's compensation and benefit programs, including annual cash bonus and long-term incentive plans.
  • 6The outgoing CFO, Pamela K.M. Beall, is retiring effective September 1, 2021, after more than 25 years of service.
  • 7Ms. Beall will remain employed in an advisory capacity until November 30, 2021, to facilitate a smooth leadership transition.

Frequently Asked Questions

John J. Quaid has been appointed as the new Executive Vice President and Chief Financial Officer (CFO) of MPLX LP, effective September 1, 2021. He will also serve as MPLX's principal financial officer.

No, MPLX LP does not directly employ its management personnel. John J. Quaid and Kelly D. Wright are employees of Marathon Petroleum Corporation (MPC), MPLX's ultimate parent company. MPLX contracts with MPC for these services.

John J. Quaid will receive an annual base salary of $575,000 from MPC, be eligible for MPC's annual cash bonus program with a target bonus of 70% of his base salary, and have a target award value of $1,200,000 under MPC's long-term incentive program starting in 2022. He will also participate in MPC's other standard benefit plans.

The outgoing CFO is Pamela K.M. Beall. She is retiring effective September 1, 2021, after over 25 years of service. Ms. Beall will continue to be employed by MPLX in an advisory capacity until November 30, 2021, to assist with the transition of responsibilities.