Marathon Oil Corporation Executive Vice President and CFO, Janet F. Clark, to
Retire Oct. 1, 2013; Board of Directors Elects John R. Sult to Succeed Clark
HOUSTON, Aug. 27, 2013 (GLOBE NEWSWIRE) -- Marathon Oil Corporation (NYSE:
MRO) announced today that Janet F. Clark, executive vice president and chief
financial officer (CFO), has elected to retire on Oct. 1, 2013, after serving
almost 10 years as the Company's CFO. The Marathon Oil board of directors has
elected John R. ("J.R.") Sult to succeed Clark as executive vice president and
CFO effective Sept. 3, 2013. Clark will serve as executive vice president,
assisting in transition related matters during the month of September.
Sult, 54, was a member of El Paso Corporation's executive management team from
2005 until the company was acquired by Kinder Morgan Inc. in 2012. While with
El Paso, he served as executive vice president and CFO from 2010 to 2012 and
senior vice president and CFO from 2009 until 2010. Prior to that, he served
as senior vice president and controller from 2005 until 2009. Sult currently
serves on the board of directors of Dynegy Inc. and as chairman of the board
of Boys and Girls Country of Houston Inc.
"We are very pleased to welcome J.R. to the Marathon Oil leadership team and
look forward to leveraging his deep experience and knowledge to guide the
financial strategy of our Company," said Lee M. Tillman, Marathon Oil
president and CEO. "Our commitment to financial discipline and profitable
growth is essential to our continued success and J.R.'s leadership will play a
key role in creating long-term shareholder value."
"We want to recognize and thank Janet for the substantial contributions she
has made to Marathon Oil over the past decade," said Clarence P. Cazalot Jr.,
Marathon Oil executive chairman. "Maintaining strong financial discipline has
been a hallmark of Marathon Oil's commitment to its shareholders and Janet's
knowledge and leadership has been critical in guiding the Company through
periods of extraordinary change. Beyond the many contributions she has made to
Marathon Oil's business, she continues to be a stalwart in her community
involvement and willingness to share her personal time and financial resources
in support of numerous non-profit organizations, particularly in the areas of
education and causes benefitting underserved segments of our community. On
behalf of all Marathon Oil employees, we wish Janet good health and much
happiness in the years ahead."
Marathon Oil Corporation is an international exploration and production
company. Based in Houston, Texas, the Company had net proved reserves at the
end of 2012 of 2 billion barrels of oil equivalent in North America, Europe
and Africa. For more information, please visit the Company's website at
Note to Editors: John R. ("J.R.") Sult's bio is included below.
Janet Clark's bio is available online at
Photos are available upon request.
John R. ("J.R.") Sult
John R. ("J.R.") Sult was a member of El Paso Corporation's executive
management team from 2005 until the company was acquired by Kinder Morgan Inc.
in 2012. While with El Paso, he served as executive vice president and CFO
from 2010 to 2012 and senior vice president and CFO from 2009 until 2010.
Prior to that, he served as senior vice president, chief accounting officer
and controller from 2005 until 2009.
Sult also served as senior vice president, CFO and controller of El Paso's
Pipeline Group from 2005 to 2009 and as CFO of the general partner of El Paso
Pipeline Partners L.P. from 2007 to 2012. Prior to joining El Paso, he served
as vice president and controller of Halliburton Energy Services from 2004
until 2005, where he was responsible for all aspects of finance and accounting
for the company's energy services business unit.
Before joining Halliburton, Sult was an audit and business advisory partner
with Arthur Andersen LLP where he gained more than 20 years of experience
working with public and private companies in the energy industry.
Sult earned a Bachelor of Science degree with special attainments in commerce
from Washington & Lee University, and he is a CPA in the State of Texas. He
currently serves on the board of directors of Dynegy Inc. He is a member of
Financial Executives International (FEI) and previously served on FEI's
committee on corporate reporting. He also serves as chairman of the board of
Boys and Girls Country of Houston Inc.
CONTACT: Media Relations Contacts:
Lee Warren -- 713-296-4103
John Porretto -- 713-296-4102
Investor Relations Contacts:
Howard Thill -- 713-296-4140
Chris Phillips -- 713-296-3213
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