David Wethe and Scott Deveau
Business, Fuel
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 Bows to Activist Push With Spinoff, CEO Exit
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.
October 31, 2019