Marathon Petroleum Corporation has become the latest company to split its CEO and president roles.
Effective Jan. 1, the Findlay, Ohio-based oil giant named Maryann Mannen as its new company president, taking on the role that CEO Michael Hennigan had held since 2020. Hennigan will continue serving as Marathon’s CEO.
Mannen had been Marathon’s executive vice president and chief financial officer since 2021. She’s been succeeded in that role by John Quaid, who previously held the same title with Marathon’s MPLX division. Mannen and Quaid will report to Hennigan in their new roles.
As president, Mannen will oversee Marathon’s refining business, which is the largest in the U.S., according to the announcement. She’ll also be responsible for the company’s commercial performance, as well as its health, environment, safety and security functions. Mannen will remain a member of the board of directors for MPLX.
Mannen has nearly 40 years of experience in the energy industry. Prior to joining Marathon in 2021, she was executive vice president and chief financial officer of TechnipFMC, a global engineering services and energy technology company. From 2007 to 2017, she held several executive roles with energy technology firm FMC Technologies, such as CFO and treasurer.
"Maryann's new role is in recognition of her leadership capability and the contributions she has made across the Marathon landscape over the past few years," said Hennigan in the announcement.
Marathon joins 7-Eleven and Wawa as major companies that have divided their president and CEO roles in the past year. Although the exact reason for doing so varies from one company to the next, this move is becoming increasingly common among large, complex organizations and those growing rapidly, according to an expert on corporate leadership.
As Quaid assumes his role as Marathon’s new CFO, he will also continue serving as a member of MPLX’s board of directors. The executive joined Marathon in 2014 as vice president and controller and became executive vice president and CFO of MPLX in 2021.
Prior to joining Marathon, Quaid held several leadership roles at U.S. Steel.
"John's financial expertise and effective communication style with the investment community will serve [Marathon] well as we continue our relentless pursuit of shareholder value," said Hennigan.
