Elliott Management Supports Marathon's (MPC) Strategic Actions

Elliott Management Corporation today released a statement supporting Marathon’s strategic actions to enhance shareholder value. The announced measures include:

• Separation of Speedway into an independent, publicly traded company and initiation of a nationwide search to identify a CEO to lead independent Speedway
• Formation of Special Committee of the Board of Directors to review strategic alternatives for unlocking the value of the Midstream business
• Initiation of a nationwide search process for a successor to CEO Gary Heminger

In the statement, Elliott Senior Portfolio Manager John Pike and Associate Portfolio Manager Phillip Zeigler commended Marathon Chairman and Chief Executive Officer Gary Heminger, Lead Independent Director James Rohr and the entire Board and management team on the Company’s commitment to these initiatives:

“The actions announced today will unlock substantial value for shareholders. The Speedway separation and the special committee’s comprehensive evaluation of strategic alternatives for Midstream are significant steps toward realizing the full value of MPC’s three best-in-class businesses and positioning them each for long-term success.

“Under Gary‘s many years of stewardship and execution, Marathon has assembled a world-class collection of assets. We commend Gary and the Board for taking action to allow these businesses to realize their full potential.”

You May Also Be Interested In

• Jennifer Hyman to retire from Estee Lauder board in November
• Elme Communities cuts liquidating distribution estimate after Riverside deal
• Paramount Skydance extends bond offer deadlines to August 7