Summary
MPLX LP (MPLX) announced a change in its Board of Directors, effective December 31, 2021, and January 1, 2022, respectively. In line with its governance principles, the Board accepted the resignations of Donald C. Templin and Pamela K.M. Beall. Both directors were "Management Directors" who have retired from the Marathon Group, MPLX's affiliate. This transition is a standard procedural move aligned with MPLX's corporate governance framework and does not represent an unexpected change in strategic direction. Concurrently, MPLX's Board will expand to nine members with the appointment of John J. Quaid as a director, effective January 1, 2022. Mr. Quaid currently holds the position of Executive Vice President and Chief Financial Officer for the General Partner. His appointment as a director is a common practice for key executives and he will not receive additional compensation for his board service. This move ensures continued alignment between executive leadership and board oversight.
Key Highlights
- 1Donald C. Templin and Pamela K.M. Beall to resign from the Board of Directors effective December 31, 2021, due to their retirement from the Marathon Group.
- 2Resignations are in accordance with MPLX's Governance Principles requiring employee directors to step down upon termination of employment.
- 3John J. Quaid appointed as a new member of the Board of Directors, effective January 1, 2022.
- 4The size of the Board of Directors will be fixed at nine members, effective January 1, 2022.
- 5John J. Quaid currently serves as Executive Vice President and Chief Financial Officer of the General Partner.
- 6Mr. Quaid will not receive separate compensation for his services as a member of the Board.
- 7No undisclosed arrangements or interests exist between Mr. Quaid and any related party transactions.