Steve Cossé, president and CEO of Murphy Oil Corp. (NYSE:MUR), intends to step down following the completion of the company's previously announced plan to spin off to its stockholders its US downstream operations into an independent and separately traded company.
he spin-off will be effected through a distribution of the shares of Murphy’s subsidiary, Murphy USA Inc., pro rata to all Murphy stockholders as of a record date to be established by Murphy’s board.
Murphy will continue in the exploration and production business following the spin-off, which is expected to be completed in the second half of this year.
Murphy’s current executive vice president and COO, Roger Jenkins, is expected to succeed Cossé as president and CEO. Jenkins joined Murphy in 2001 and was named executive vice president, Exploration & Production in 2009.
Prior to joining Murphy, Jenkins spent 17 years with a major oil company. He holds a bachelor’s degree in Petroleum Engineering from Louisiana State University and an MBA from Tulane University and completed the Advanced Management Program at Harvard Business School.
Cossé was appointed president and CEO on June 20, 2012. He was elected to Murphy’s board of directors on August 3, 2011, following his retirement from the management of Murphy on March 1, 2011 after over 40 years of service. He will continue to serve as a member of Murphy’s board of directors after stepping down as president and CEO.
Murphy announced earlier this year the appointment of R. Andrew Clyde as president and CEO of Murphy Oil USA Inc., Murphy’s principal operating subsidiary for its US downstream business. Upon completion of the spin-off, Murphy Oil USA Inc. will be a wholly owned subsidiary of Murphy USA Inc.