Deals
CEO Who Battled Activists for Years May Now Face His Reckoning
- Marathon Petroleum chief’s job at risk as Elliott seeks revamp
- Gary Heminger has assuaged investors including Jana previously
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Gary Heminger has been fighting activist shareholders for almost as long as Marathon Petroleum Corp. has existed. Now he may be fighting for his job.
Heminger, whose compensation as chairman and chief executive officer exceeds his counterpart’s at Exxon Mobil Corp., has been at the helm while Marathon lost a third of its value after closing a $22 billion refining deal last year. As Elliott Management Corp. renews its call to break up the company, the Ohio native’s job may be on the line, according to Matthew Blair, an analyst at Tudor Pickering Holt & Co.