Uzi Yemin to
transition from DK CEO to DK Executive Chairman, effective
June 2022;
Avigal Soreq
named Successor DK CEO
Uzi Yemin to
remain Chairman of DKL and Avigal Soreq named President of
DKL
Todd O'Malley
named Chief Operating Officer of DK and DKL
and
Nithia Thaver
appointed DK EVP and President of Refining
Leonardo Moreno
to join DK Board of Directors
BRENTWOOD, Tenn., March 28,
2022 /PRNewswire/ -- Delek US Holdings, Inc.
(NYSE:DK) ("Delek US" or the "Company") today announced a
leadership succession plan and a series of additional leadership
appointments as well as governance updates at Delek US and Delek
Logistics Partners, LP (NYSE: DKL) ("Delek Logistics").
Executive Leadership Succession Plan
Ezra Uzi Yemin, Chairman and
Chief Executive Officer of Delek US and President of Delek
Logistics, will transition to the role of Executive Chairman of the
Delek US Board of Directors. Mr. Yemin will continue as Chairman of
the Delek Logistics Board. The Company's Board has approved the
appointment of Avigal Soreq, who currently serves as Chief
Executive Officer of El Al Airlines, as President and Chief
Executive Officer of Delek US and President of Delek Logistics.
These changes will become effective during the month of June.
Mr. Yemin has served as Chairman of Delek US since 2012, as
Chief Executive Officer since 2004 and as President and a director
since 2001. Under his leadership, Delek US has grown from a retail
convenience store operator into a fully integrated downstream
energy company with assets located along the Gulf Coast region,
including four refineries, a strong midstream footprint, biodiesel
plants and retail convenience store locations. As Executive
Chairman, Mr. Yemin will help oversee the Company's strategic
direction and innovation efforts.
"On behalf of the Board and management team, I want to thank Uzi
for his tremendous leadership and guidance over nearly two
decades," said Shlomo Zohar, Lead Independent Director of the Delek
US Board. "As CEO, Uzi has helped position the Company for the
future by implementing a plan to diversify our business model and
earnings mix and leverage our strong cash flows and balance sheet
to expand our midstream platform. He also played an integral role
in navigating the business through a difficult COVID environment
while maintaining safe operations, continuity of products and
services and an improved cash flow profile. We look forward to
continuing to benefit from Uzi's perspectives as Executive
Chairman."
Mr. Zohar continued, "We are pleased to appoint Avigal, a proven
executive with a deep understanding of our business and
opportunities, as the next CEO of Delek US. Avigal brings a
balanced combination of first-hand insight into our operations as
well as outside executive perspective that we believe make him
uniquely positioned to lead our organization. Our Board is
confident Avigal is the right person to drive our next chapter of
growth and help achieve our full potential. Together with the
additional Board and leadership appointments we are announcing
today, we are underscoring the strength of our business and our
expectation to continue delivering high performance."
Mr. Yemin stated, "It has been an honor to build this great
company, and I couldn't be more proud of the progress we've made
laying the foundation for the future. In addition to expanding our
platform and simplifying our structure over the years, we've
successfully executed a plan to drive innovation, diversify the
Company's assets, and optimize costs, which has in turn enhanced
our competitive position within the industry and enabled us to
weather challenging macroeconomic headwinds. We have a solid
foundation in place, and as we emerge with strength from the
pandemic-driven downturn, the Board and I are confident that this
is the right opportunity to welcome our next generation of
leadership. Avigal knows Delek US well, having helped establish our
operational capabilities and grow our business significantly in his
prior role as our Chief Operating Officer. I look forward to
working with Avigal and the Board to drive sustainable energy
solutions and generate long-term value for shareholders."
Mr. Soreq said, "I am thrilled for the opportunity to serve as
the next CEO of Delek US and the President of DKL. In particular,
I'm grateful to the Board for entrusting me with this opportunity,
and to Uzi for his many years of leadership, mentorship, and
friendship. I am passionate about this organization and its
talented team, and am eager to reconnect with my former colleagues
who I know to be dedicated and best-in-class. Delek US and Delek
Logistics have high-quality assets and positive momentum underway,
and with deep knowledge about both companies and their operations,
I look forward to working closely with the Board, Uzi and the
management team to leverage my experience and lead the Company's
next phase of success and value creation."
Additional Leadership Appointments
Effective immediately, Todd
O'Malley, currently EVP and Chief Commercial Officer, has
been named Chief Operating Officer of Delek US and Delek Logistics,
and Nithia Thaver, currently Senior
Vice President, Refining, has been promoted to EVP and President of
Refining at Delek US.
Mr. Yemin continued, "Todd and Nithia are highly capable and
energized leaders, and we are pleased to promote them to new roles.
As Chief Operating Officer, Todd will oversee operations with a
keen focus on safety and reliability, which are key tenets of
delivering stable performance over time. Delek US is well
positioned to capitalize on an improving macro backdrop for
traditional energy, and Delek Logistics has a proven track record
of consistent operational performance and distribution growth that
we expect will continue under Todd's leadership. In addition,
Nithia has built a strong team that has performed across a range of
key areas, including safety and environmental initiatives, while
achieving tangible results for Delek US, and we are pleased to
recognize these efforts through his promotion."
Delek US Board Appointment
Delek US also announced today that Leonardo Moreno, a highly experienced executive
in the global renewable energy and technology sector, has been
appointed as an independent director to the Delek US Board,
effective immediately. With this appointment, the Board has been
expanded to comprise eight directors, seven of whom are independent
and three of whom are diverse, fulfilling the Company's objective
of at least 30% of the Board comprising diverse members by
2022.
Mr. Moreno brings to the Delek US Board 15 years of global
leadership and executive experience at The AES Corporation, a
Fortune 200 global power company leader in renewables and new
technologies. Mr. Moreno currently serves as President, AES Clean
Energy, and heads the US Renewables Business Unit focused on
accelerating a future where the electric grid is 100% carbon-free.
In this role, he advanced AES' US renewables business unit to a
leadership position in the market in his first year of service.
Mr. Yemin concluded, "We are pleased to welcome Mr. Moreno to
the Delek US Board. His deep experience in renewable energy and new
technologies brings important perspective at a critical time as we
continue our focus on environmental initiatives and prepare for the
energy transition. We look forward to benefitting from his
expertise and to working together to continue driving value for
Delek US shareholders."
About Leonardo Moreno
Mr. Moreno has over 15 years of experience in the energy industry.
Since 2020 he has served as the President of AES Clean Energy, a
division of The AES Corporation (NYSE: AES), a global power company
leader in renewables and new technologies. Mr. Moreno has worked
for The AES Corporation since 2006 in a variety of positions,
including Senior Vice President, Corporate Strategy &
Investments and Chief Commercial Officer from 2017 to 2020, Chief
Financial Officer, Europe from
2015 to 2016, and other leadership roles related to strategy,
finance, commercial, investments, mergers and acquisitions, and
sustainability. He served as a director of AES Brasil Energia SA
(AESB3:BZ) from 2018 to February 2022
and has served as an alternate director of AES Andes S.A.
(AESANDES.SN) since 2018. Mr. Moreno also served as a Senior
Auditor for Ernst & Young in Brazil from 2003 to 2005.
About Avigal Soreq
Mr. Soreq is the CEO of El Al
Airlines, an Israeli airline, a position he has held since
January 2021. Prior to that, Mr.
Soreq served in several roles at Delek US from December 2012 through 2020, including Chief
Operating Officer, Chief Commercial Officer, Executive Vice
President and Vice President. Prior to joining Delek US, Mr. Soreq
worked for SunPower Corporation (NASDAQ: SPWR), and previously as a
senior finance and business consultant for Trabelsy & Co., and
as a consultant in the corporate finance department for KPMG's
Tel-Aviv office. Mr. Soreq served
in the Israeli Air Force in various roles between 1996 and 2004 and
reached the rank of Major. Mr. Soreq is a certified public
accountant in Israel.
About Todd O'Malley
Mr. O'Malley has served as the EVP and Chief Commercial Officer of
Delek US since March 2021. From
January 2018 until February 2021, Mr. O'Malley served as president
of TKO Energy Enterprises, Inc., an advisory services firm
specializing in the petrochemical and renewable energy industries.
From April 2020 to February 2021, Mr. O'Malley served as President
and CEO of Citizens Companies, a consulting and investment concern
active in the petrochemical and renewable energy industries. Mr.
O'Malley previously served as the EVP and Chief Commercial Officer
of Gulf Oil L.P, President of the general partner of PBF Logistics
LP, the general partner of a master limited partnership active in
the midstream sector of the oil and gas industry as well as
positions of increasing responsibility at PBF Energy, Inc.
About Nithia Thaver
Mr.
Thaver has served as Senior Vice President, Refining of Delek US
since December 2018. From 2017 to
2018, Mr. Thaver served as the Senior Vice President, Strategy and
Business Development, of Philadelphia Energy Solutions, which owned
and operated a refinery. Prior to that, Mr. Thaver held positions
of increasing responsibility at several companies in the oil and
gas industry, including Sunoco, ConocoPhillips, and ExxonMobil.
About Delek US Holdings, Inc.
Delek US Holdings, Inc.
is a diversified downstream energy company with assets in petroleum
refining, logistics, renewable fuels and convenience store
retailing. The refining assets consist primarily of refineries
operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined
nameplate crude throughput capacity of 302,000 barrels per day.
The logistics operations primarily consist of Delek Logistics
Partners, LP (NYSE: DKL). Delek US and its affiliates own
approximately 79% (including the general partner interest) of Delek
Logistics Partners, LP. Delek Logistics Partners, LP is a
growth-oriented master limited partnership focused on owning and
operating midstream energy infrastructure assets.
The convenience store retail operates approximately 250
convenience stores in West Texas
and New Mexico.
Safe Harbor Provisions Regarding Forward-Looking
Statements
This press release contains forward-looking
statements that are based upon current expectations and involve a
number of risks and uncertainties. Statements concerning current
estimates, expectations and projections about future results,
performance, prospects, opportunities, plans, actions and events
and other statements, concerns, or matters that are not historical
facts are "forward-looking statements," as that term is defined
under the federal securities laws. Investors are cautioned that
important factors may affect these forward-looking statements, as
described in Delek US's and Delek Logistics' filings with the SEC,
including risks disclosed in their respective Annual Reports on
Form 10-K, Quarterly Reports on Form 10-Q and other filings and
reports with the SEC.
Forward-looking statements should not be read as a guarantee of
future performance or results and will not be accurate indications
of the times at, or by, which such performance or results will be
achieved. Forward-looking information is based on information
available at the time and/or management's good faith belief with
respect to future events, and is subject to risks and uncertainties
that could cause actual performance or results to differ materially
from those expressed in the statements. Neither Delek US nor Delek
Logistics undertakes any obligation to update or revise any such
forward-looking statements to reflect events or circumstances that
occur, or which they become aware of, after the date hereof, except
as required by applicable law or regulation.
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SOURCE Delek US Holdings, Inc.; Delek Logistics Partners, LP