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Shareholders Paul Foster and Jeff Stevens in a letter on
Thursday also backed "the majority" of activist investor Elliott
Management Corp's demands disclosed on Wednesday. (https://bwnews.pr/2lFV9ck)
Elliott had urged the refiner to split into three companies for
retail, refining and midstream assets, saying it would boost
shareholder value by as much as $40 billion.
However, the two shareholders said their view is that "Elliott
has not gone far enough."
Elliott was not immediately available for a Reuters request for
comment.
Marathon responded to Elliott's proposal on Wednesday, stating
it was focused on increasing shareholder value and would
"thoroughly evaluate" the hedge fund's proposal.
Foster and Stevens, who are former board members of refiner
Andeavor which Marathon acquired last year, said they own about
1.7% of Marathon together with their affiliates.
In response, Marathon said the board is firmly and unanimously
supportive of Heminger as chairman and CEO and "his track record
of delivering value to shareholders and all of the company's
constituencies".
Heminger's membership of Marathon's board of directors is due up
for shareholder vote in 2020, according to Marathon's 2019 proxy
statement.
Earlier on Friday, the Wall Street Journal reported about
Stevens and Foster's letter to the board. (https://on.wsj.com/2nAuoq7)
(Reporting by Aakriti Bhalla, Rebekah Mathew and Shanti S Nair
in Bengaluru; Editing by Bernard Orr, Subhranshu Sahu and Maju
Samuel)
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