Deals
Marathon Investors Say Holders Back Changes, CEO’s Ouster
- Foster and Stevens say they spoke with over 100 shareholders
- Company says conclusion‘inconsistent’ with its conversations
Photographer: Luke Sharrett/Bloomberg
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Two activist investors in Marathon Petroleum Corp. say there is now broad-based shareholder support for immediate changes at the company including the resignation of Chairman and Chief Executive Officer Gary Heminger.
Paul Foster and Jeff Stevens, who collectively own 1.7% of the oil refiner, said they have discussed their concerns with more than 100 investors representing about half of the institutional shareholder base.