8-KLeadership ChangesExhibits & Filings

MPLX LP 8-K Report, Executive Changes (Dec 21, 2023)

Filed December 21, 2023For Securities:MPLXMPLXP

Summary

MPLX LP (MPLX) announced a significant leadership change in its executive team through an 8-K filing on December 21, 2023. C. Kristopher Hagedorn has been appointed as the new Executive Vice President and Chief Financial Officer (CFO), effective January 1, 2024. Mr. Hagedorn's appointment marks a continuation of internal talent development, as he previously served as MPLX's Vice President and Controller and most recently as Senior Vice President and Controller of its general partner, Marathon Petroleum Corporation (MPC). This transition also involves the departure of the current CFO, John J. Quaid, who will move to a similar role at MPC. Investors should note that Mr. Hagedorn's compensation structure is tied to MPC's programs, and details regarding any adjustments specific to his MPLX CFO role will be determined in early 2024. Additionally, Mr. Hagedorn has been appointed to the Board of Directors of MPLX GP LLC, effective January 1, 2024, further integrating leadership across the entities.

Key Highlights

  • 1C. Kristopher Hagedorn appointed as new Executive Vice President and Chief Financial Officer (CFO), effective January 1, 2024.
  • 2Hagedorn previously served as MPLX's Vice President and Controller and most recently as SVP and Controller for MPC.
  • 3Current CFO, John J. Quaid, will transition to serve as CFO of Marathon Petroleum Corporation (MPC).
  • 4Hagedorn's compensation will be based on MPC's annual cash bonus and long-term incentive programs, with adjustments to be determined in early 2024.
  • 5Hagedorn appointed as a member of the Board of Directors of MPLX GP LLC, effective January 1, 2024.
  • 6MPLX LP personnel are employed by MPC or its affiliates, with MPLX contracting for management and operational services.

Frequently Asked Questions

C. Kristopher Hagedorn has been appointed as the new Executive Vice President and Chief Financial Officer of MPLX LP, effective January 1, 2024.

Mr. Hagedorn has extensive experience within MPLX and its parent company, Marathon Petroleum Corporation (MPC). He previously served as MPLX's Vice President and Controller and most recently as Senior Vice President and Controller of MPC. His prior roles include positions at CONSOL Energy Inc. and PricewaterhouseCoopers LLP.

John J. Quaid will cease to serve as Executive Vice President and Chief Financial Officer of MPLX effective January 1, 2024, to accept a role as Executive Vice President and Chief Financial Officer of Marathon Petroleum Corporation (MPC).

Mr. Hagedorn's compensation is tied to MPC's annual cash bonus and long-term incentive programs. His current base salary from MPC is $450,000 with a target bonus of 60% and a target LTI award value of $500,000 for 2023. Any changes specifically related to his MPLX CFO role will be determined by the Compensation and Organization Development Committee of MPC's Board of Directors during their annual compensation review in early 2024.

Yes, on December 21, 2023, Mr. Hagedorn was appointed to serve as a member of the Board of Directors of MPLX GP LLC, effective January 1, 2024. He will not receive separate compensation for this board service.