Marathon Petroleum will split off Speedway and replace CEO

Findlay-based Marathon Petroleum Corp. announced plans to “spin off its Speedway gas-station business” and replace Chairman and CEO Gary Heminger, who will retire next year, The Columbus Dispatch reports. The announcement reverses Marathon’s position from recent statements that the company intended to continue under its current structure despite pressure from investors (see our October 15, 2019 blog post). Elliott Management Corp., part of the group of shareholders that pushed for the split, said in a statement the move “will unlock substantial value for shareholders,” according to the article. For more, read the full article.

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