Marathon Petroleum Reaches Elliott Accord Amid CEO Search
- Elliott to support slate of directors at next investor meeting
- Industry veteran Jonathan Cohen appointed to Marathon board
Photographer: Luke Sharrett/Bloomberg
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Marathon Petroleum Corp. entered into a cooperation agreement with activist investor Elliott Management Corp. as its continues to look for a replacement for Gary Heminger, the U.S. oil refiner’s outgoing chief executive officer.
Elliott will support the slate of directors proposed at next year’s meeting of Marathon shareholders, according to a filing. The slate will include veteran energy executive Jonathan Z. Cohen to the board, who was nominated and appointed to the board Monday, replacing Greg Goff, who’s retiring.