Marathon Petroleum Corp said on Friday the top U.S. refiner's board support...
- Marathon Petroleum Corp said on Friday the top U.S. refiner’s board supported Gary Heminger staying on as chief executive officer amid calls for his ouster from two top 10 shareholders.
Foster and Stevens, who together own about 1.7% of Marathon, agreed with"the majority" of Elliott's proposals, but said an immediate management change was necessary to boost shareholder value. Heminger’s membership of the board is due up for shareholder vote in 2020, according to Marathon’s 2019 proxy statement. Shareholders had at the 2018 annual meeting rejected a proposal for an independent chairman.
Toby and Derek Rice led a successful proxy contest in July to gain control of EQT Corp, two years after selling the business they founded, Rice Energy, to EQT for $6.7 billion.
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