Gary R. Heminger was the CEO of Marathon Petroleum Corporation until 2020. Known for his practical approach, he tied executive pay to the company's performance, particularly focusing on financial goals and environmental targets. During his time, he built a reputation...

Gary R. Heminger was the CEO of Marathon Petroleum Corporation until 2020. Known for his practical approach, he tied executive pay to the company's performance, particularly focusing on financial goals and environmental targets. During his time, he built a reputation for operational efficiency, helping the company grow significantly. In 2019, he earned an impressive total compensation of over $24 million, driven by bonuses linked to strong company results. He also served on the board of MPLX LP, another company under Marathon's umbrella, showing his deep involvement in the energy sector. Heminger stepped down in 2020, choosing not to seek reelection, marking a transition in leadership.

Quick Links

1. Rivals

2. Holdings

3. Insider Trading

4. Compensation History

5. Other Marathon Petroleum CEOs

M

Gary R. Heminger

Ex-CEO of Marathon Petroleum

Education

Bachelor's degree in chemical engineering from Drexel University

Field of Expertise

Technology & Engineering - Engineering

Sector of Economy

Energy

Born

March 30, 1954 - 71 years ago

CEO of Marathon Petroleum for

5 years 7 months (Jul 2014 - Mar 2020)

Previous Experience

President, Crude, NGL and Refined Products of Energy Transfer Partners L.P.; President and Chief Executive Officer of Sunoco Logistics Partners L.P.

Rivals

Competitors/colleagues of Gary R. Heminger

V

R. Lane Riggs

CEO of Valero Energy

2023 Compensation

Stock

$0.00

Salary

$1.43M

Bonus

$3.35M

Other

$179.80K

Total Holdings

$46.73M

P

Mark E. Lashier

CEO of Phillips 66

2023 Compensation

Stock

$14.20M

Salary

$1.58M

Bonus

$4.04M

Other

$755.06K

Total Holdings

$12.06M

P

Matthew Lucey

CEO of PBF Energy

2023 Compensation

Stock

$2.99M

Salary

$990.00K

Bonus

$2.83M

Other

$556.35K

Total Holdings

$7.83M

H

Michael C. Jennings

CEO of HF Sinclair

2023 Compensation

Stock

$8.04M

Salary

$1.20M

Bonus

$500.00K

Other

$464.54K

Total Holdings

$4.42M

P

William Monteleone

CEO of Par Pacific Holdings, Inc.

2015 Compensation

Stock

$150.00K

Salary

$350.00K

Bonus

$0.00

Other

$21.38K

Total Holdings

$4.66M

Holdings

See how much did Gary R. Heminger make over time.

Throughout his years at Marathon Petroleum, Gary R. Heminger's wealth was closely tied to his stakes in the company and MPLX LP. At his peak, he held over 38,472 restricted stock units that contributed greatly to his net worth, significantly...

Throughout his years at Marathon Petroleum, Gary R. Heminger's wealth was closely tied to his stakes in the company and MPLX LP. At his peak, he held over 38,472 restricted stock units that contributed greatly to his net worth, significantly increasing during good performance years. By 2019, his stakes reflected a valuation of approximately $2.4 million, demonstrating the success of the company under his leadership. However, after his retirement in 2020, he refrained from making significant trades, reflecting a shift in his investment strategy, likely aiming to diversify his assets beyond a single sector. In contrast to the wealth he built from his holdings, Gary did not have any stock options or major trades disclosed following his retirement, indicating a move toward cash-based investment strategies.

Total Stock Sold

$18.49M

MPC

$18.49M

349,232 MPC shares

What if they kept their stock?

If Gary R. Heminger didn't sell their stock, today they would have:
Extra MPC349,232 shares worth $8.95M.
This is -51.6% and $9.54M less than what they got when they sold the stock.

Insider Trading

See recent insider trades of Gary R. Heminger.

FITB

4,107 shares

FITB

Apr 16, 2024

Received

FITB

5,153 shares

FITB

Apr 18, 2023

Received

FITB

$1.27M

FITB at $26.82/share

Mar 13, 2023

Purchase

FITB

3,407 shares

FITB

Apr 12, 2022

Received

FITB

3,401 shares

FITB

Apr 13, 2021

Received

MPC

211,045 shares

MPC

Apr 28, 2020

Received

FITB

7,580 shares

FITB

Apr 14, 2020

Received

MPC

11,829 shares

MPC

Jan 27, 2020

Received

MPLX

10,339 shares

MPLX

Jan 24, 2020

Received

MPLX

$1.17M

MPLX at $27.37/share

Aug 7, 2019

Purchase

Compensation History

See how much did Gary R. Heminger make over time.

Gary R. Heminger's compensation during his tenure was structured to reflect the company's performance and align with shareholder interests. His most notable compensation package was in 2019, where he earned over $24 million, including a significant bonus of $4.5 million based on achieving financial targets. He also benefited from stock awards that contributed to his overall package. However, after retiring in 2020, he did not take any salary or bonuses, showing that his earnings were closely tied to his active role in the company. In 2023, his compensation was significantly lower at approximately $6.4 million, illustrating a transition from active leadership to a more passive role, although earning substantial bonuses during active years highlighted his performance-driven focus.

Year

2023

Total Compensation

$6.44M

Salary

$1.75M

Board Justification

The compensation philosophy of Marathon Petroleum Corporation is to align executive compensation with company performance, shareholder interests, and market competitiveness. The company uses a mix of fixed and variable compensation to attract, retain, and motivate talented executives.

Bonus

$4.69M

Board Justification

The bonus for 2023 was determined based on the company's performance metrics, which included financial and ESG performance measures. The performance metrics were assessed by the Compensation and Organization Development Committee, resulting in a final award of $4,688,700, which is 162.38% of the target bonus.

Other

$0.00

Board Justification

There is no mention of other compensation for 2023 in the provided section of the proxy statement.

Restricted Stock

$0.00(0 N/A)

Board Justification

There is no mention of vested stock for 2023 in the provided section of the proxy statement.

Performance Metrics

The performance metrics for determining the CEO's compensation in 2023 included financial measures such as adjusted EBITDA and distributable cash flow at MPLX per unit, as well as ESG measures like greenhouse gas intensity and diversity, equity, and inclusion goals.

Other Marathon Petroleum CEOs

Here are other CEOs of Marathon Petroleum

Michael J. Hennigan

Ex-CEO of Marathon Petroleum

March 2020 - August 2024