Sunoco Logistics Partners L.P. (NYSE: SXL) (Sunoco Logistics) today announced that Michael J. Hennigan will become president and chief executive officer, effective March 1, 2012. Mr. Hennigan, currently president and chief operating officer of Sunoco Logistics, will replace Lynn L. Elsenhans, who is stepping down as chief executive officer on March 1, 2012. Ms. Elsenhans also will be stepping down as chairman and a director of Sunoco Logistics effective May 3, 2012. Brian P. MacDonald, currently vice president, chief financial officer, and a director of Sunoco Logistics, will succeed Ms. Elsenhans as chairman of Sunoco Logistics beginning May 3, 2012.
Separately, Sunoco, Inc. announced today that Mr. MacDonald will become chairman, president, and chief executive officer of Sunoco, Inc., succeeding Ms. Elsenhans (see separate news release). Sunoco owns the General Partner interest of Sunoco Logistics, which consists of a 2-percent ownership interest and incentive distribution rights, and owns a 32-percent interest in the Partnership’s limited partner units.
Since becoming chief executive officer of Sunoco Logistics in July 2010, Ms. Elsenhans led the company through one of its most successful periods of record earnings and strong growth. The board of directors thanks her for her leadership, appreciates her devotion to delivering unit holder value, and wishes her well in her future endeavors.
“As president and chief operating officer, Mike Hennigan has managed the company’s operations to record growth, achieving excellent performance while building a strong organization for the future,” said Ms. Elsenhans. “The board is confident in Mike’s ability to lead Sunoco Logistics as chief executive officer and continue to build value for investors.”Michael J. Hennigan, 52, was elected to the Sunoco Logistics Board of Directors in April 2010 and was named president and chief operating officer of Sunoco Logistics in July 2010. From May 2009 to July 2010 he served as vice president of Business Development for Sunoco Logistics. Mr. Hennigan was previously employed by Sunoco, Inc., where he most recently served as senior vice president, Business Improvement. Prior to that, Mr. Hennigan served as senior vice president, Supply, Trading, Sales and Transportation from February 2006 to October 2008 and vice president, Product Trading, Sales and Supply from March 2001 to February 2006.
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