David Wethe and Scott Deveau

Business, Fuel

Marathon Petroleum Bows to Activist Push With Spinoff, CEO Exit

Marathon gas station A Marathon gas station in DeKalb, Ill., on July 29, 2019. Company Chairman and CEO Gary Heminger will retire next year. (Daniel Acker/Bloomberg News)

Marathon Petroleum Corp. buckled under pressure from shareholders and announced the spinoff of its retail fuel-station business and the departure of its chairman and chief executive officer, just five weeks after activist investor Elliott Management Corp. went public with demands for a radical overhaul of the company.

David Wethe and Scott Deveau | Bloomberg News
October 31, 2019