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Marathon Petroleum Corporation announced the retirement of Chief Executive Officer Gary R. Heminger, effective March 17, 2020. Mr. Heminger has been CEO since June 30, 2011. From 2011 to 2019, Mr. Heminger realized $102,582,379 in total compensation.
As of March 17, 2020, Michael J. Hennigan has assumed the role of Chief Executive Officer. He was previously President, Chief Executive Officer and Director, MPLX GP LC, an indirect, wholly-owned subsidiary of Marathon Petroleum. His target annual compensation is as follows:
| Base Salary | Target Bonus | LTIP Target | Total Compensation |
|
$1.6 million
|
$2.4 million | $10.5 million | $14.5 million |
Additionally, in connection with his appointment, Hennigan will receive a one-time equity grant valued at $5.9 million.
To view the details of this transition, please click here.
Gary R. Heminger is the 18th CEO from the Equilar 500 to announce their resignation in 2020.
Research Analyst at Equilar
Owen Gilles, Research Analyst at Equilar, authored this post. Please contact Amit Batish, Manager, Content & Communications, at abatish@equilar.com for more information on Equilar research and data analysis.
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