Bloomberg News

Sunoco CEO Elsenhans to Leave After Leading Refining Exit

February 02, 2012

(Updates with CEO background in first paragraph.)

Feb. 2 (Bloomberg) -- Sunoco Inc. Chief Executive Officer Lynn Elsenhans, who led the Philadelphia company’s exit from refining, will step down March 1.

Chief Financial Officer Brian P. McDonald, 46, will take over as chief executive March 1 and as chairman May 1 as the company continues with its plans to sell or close its last two refineries in Philadelphia and Marcus Hook, Pennsylvania.

Elsenhans, the 55-year-old former refining executive for Royal Dutch Shell Plc, who began at Sunoco in August 2008, will remain chairman until the company’s annual meeting in May, the company said today in a statement.

Sunoco also said it will buy back as much as 19.9 percent of common stock in the next 18 months, increase its quarterly dividend to 20 cents a share from 15 cents and repurchase up to $400 million of debt in the next year.

The company received no offers for its Marcus Hook refinery and said it is unlikely to be sold. Sunoco continues to pursue a sale of its Philadelphia refinery, Thomas Golembeski, a company spokesman, said in an e-mail today.

For more news and information: Sunoco news: {SUN US <Equity> CN BN <GO>} Sunoco’s results by segment: {SUN US <Equity> PGEO <GO>} Brent Crude crack spread: {ACK321A <INDEX> GP <GO>} Top energy stories: {ETOP <GO>}

--Editor: Charles Siler, Susan Warren

To contact the editor responsible for this story: Tina Davis at tinadavis@bloomberg.net

To contact the reporter on this story: Bradley Olson in Houston at bradleyolson@bloomberg.net


Soul Searcher
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus