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PBF Energy Announces Board Resignations

Stocks in this article: PBF

PBF Energy Inc. (NYSE: PBF) announced today that Timothy Day and Neil Wizel, both Managing Directors with First Reserve, will resign from PBF Energy’s board of directors effective March 31, 2014, following a reduction in First Reserve’s holdings in PBF Energy, and its subsidiaries, through a secondary offering which closed on March 26, 2014.

Since 2008, Mr. Day and Mr. Wizel led First Reserve’s investment in PBF Energy and have provided valuable insight and assistance as the company has acquired assets and expanded as a company. Mr. Day served as Chair of the Nominating and Corporate Governance Committee and a member of the Compensation Committee since the company's initial public offering in 2012.

PBF Energy’s Executive Chairman, Thomas D. O’Malley, said, "We thank both Tim and Neil for their service to PBF Energy and wish them success in their future endeavors. First Reserve has been an appreciated and committed investor for PBF and with its support we have grown from a start-up organization into an established independent refiner with a bright future for additional growth."

Mr. Day commented that “PBF has been a terrific investment for First Reserve and we are proud to have played a role in the company’s development.” Mr. Wizel added “We thank PBF management for what has been a great relationship and we look forward to watching the company’s continued success.”

About PBF Energy Inc.

PBF Energy Inc. (NYSE:PBF) is one of the largest independent refiners in North America, operating, through its subsidiaries, oil refineries and related facilities in Delaware City, Delaware, Paulsboro, New Jersey and Toledo, Ohio. Our mission is to operate our facilities in a safe, reliable and environmentally sensitive manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities where we do business, and provide superior returns to our investors.

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