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English Español Gary R. Heminger to retire from Marathon Petroleum in 2020

The 45-year veteran will retire after 2020 Annual Shareholders' Meeting, fulfilling pledge to serve out extended term.

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Gary R. Heminger, Chairman and Chief Executive Officer of Marathon Petroleum Corporation announced his plan to retire from MPC, where he has served as president and CEO since the company's spin-off from Marathon Oil in June 2011, and as chairman and CEO since 2016.

“On behalf of the Board of Directors, I am grateful to Gary for his distinguished and successful leadership of this great company, for which he has earned the unqualified and unanimous support of the board,” said Lead Independent Director James E. Rohr.

Since 2011, the company has delivered returns of 323%, outstripping the 183% growth of the S&P 500 over the same period, and returned nearly $21 billion to shareholders.

The board has appointed a committee, led by Edward G. Galante, that will consider internal and external candidates to succeed Mr. Heminger. A nationwide search is currently under way. 

The changes were a victory for Elliott Management, DE Shaw and other investors that had sought a shakeup to boost the company’s lagging share price following its troubled 2018 acquisition of rival Andeavor, according to Reuters.

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