Marathon Oil Corporation announced two corporate officer elections that will be effective immediately upon the completion of the spin-off of Marathon’s Downstream business into Marathon Petroleum Corporation (MPC) which is expected to occur on June 30, 2011.
Garry L. Peiffer, currently senior vice president, Finance and Commercial Services for Marathon’s Downstream business, will become executive vice president of Corporate Planning and Investor & Government Relations for MPC. Don Templin, currently Managing Partner of the Audit Practice for PricewaterhouseCoopers LLP in Georgia, Alabama and Tennessee, will join MPC as the new company’s senior vice president and chief financial officer. Both individuals will be based in MPC’s headquarters in Findlay, Ohio.
In his new role, Peiffer will have responsibility for several MPC business support functions, including Investor Relations, Government & Public Affairs, Information Technology, Economics, Business Development, and Procurement. Templin will be responsible for MPC’s Accounting, Finance, Internal Audit, Treasury, and Tax functions.
Commenting on the appointments , Gary R. Heminger , who currently serves as executive vice president, Downstream for Marathon and who will become president and chief executive officer of MPC upon completion of the spin-off, said, “ Garry’s extraordinary depth of knowledge and experience related to our business has and continues to play an instrumental role in our company’s ability to create value for our shareholders. His business acumen and breadth of management skills will prove invaluable in overseeing the business functions that will report to him, each of which will be critical to our continued success.
“ We also look forward to welcoming Don Templin to our company ,” added Heminger. “ MPC’s Accounting, Finance, Internal Audit, Treasury and Tax functions will take on added significance for our organization when we begin operations on July 1, 2011 as an independent company. Don’s understanding of global financial markets and economics, coupled with his substantial experience working with public clients in the manufacturing and energy industries, will serve us well and we look to the valuable contributions he will make to our company .”
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Source: Marathon Oil, May 3, 2011;