Sunoco Names Shell’s Elsenhans as Chief Executive (Update2)
By Jordan Burke
July 16 (Bloomberg) — Sunoco Inc., the largest refiner in the U.S. Northeast, named Royal Dutch Shell Plc’s Lynn Laverty Elsenhans as chief executive officer, succeeding John Drosdick, who is retiring.
The appointment is effective Aug. 8, Philadelphia-based Sunoco said today in a statement. Elsenhans, 52, also became a member of the board. Drosdick, 64, will stay on as non-executive chairman until the end of the year.
Elsenhans worked for Shell Downstream Inc. as executive vice president of global manufacturing where she oversaw its refining and chemical operations. She also served as president of Shell Oil Co. and Shell Oil Products U.S. Royal Dutch Shell is Europe’s biggest oil producer.
Sunoco’s five refineries have a combined daily processing capacity of about 910,000 barrels of feedstock. Refining and supply accounted for more than 50 percent of the company’s revenue last year and 82 percent of its net income. Sunoco also makes chemicals and coke, a processing byproduct, and has about 4,700 retail locations.
Sunoco rose $1.07, or 3.2 percent, to $34.90 as of 9:42 a.m. in composite trading on the New York Stock Exchange. The stock has fallen 52 percent this year.
To contact the reporter on this story: Jordan Burke in New York at[email protected].
Last Updated: July 16, 2008 09:50 EDT
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