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Marathon Petroleum’s CEO search concludes with a familiar face

Good morning. Marathon Petroleum’s new CEO is the former finance chief.

Maryann T. Mannen, president since Jan. 1, is set to succeed Michael J. Hennigan as CEO, effective Aug. 1. In doing so, she'll become the firm's first female CEO—after previously becoming its first female CFO at the company.

Maryann T. Mannen, president of Marathon Petroleum Corporation, will be CEO effective Aug. 1. Courtesy of Marathon Petroleum Corporation
Maryann T. Mannen, president of Marathon Petroleum Corporation, will be CEO effective Aug. 1. Courtesy of Marathon Petroleum Corporation

“I am honored by the trust placed in me to lead this great company,” Mannen said in a statement. "My priorities align with those that have made us the peer-leading energy investment we are today—an unwavering focus on safety, the environment, and operational performance." She joined Marathon as EVP and CFO in 2021, serving in the role until her promotion to president. John J. Quaid became the EVP and CFO in January.

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As chief executive, Mannen’s CFO experience should prove quite beneficial. “In most companies today, the CFO is viewed as the clear No. 2 to the CEO,” Scott W. Simmons, co-managing partner of executive search firm Crist Kolder Associates, told Fortune. “This expansion of responsibility, coupled with the unique vantage point from which a CFO operates, better positions CFOs as CEO successors.”

Based on the firm's data from 674 Fortune 500 and S&P 500 companies, last year 8.4% percent of CEO roles were filled by CFOs; in 2013, that figure was just 5.8%.

Regarding women leading companies across industries, Fortune recently reported that female CEOs are now running more than 10% of the Fortune 500. “I absolutely believe the increase in the number of women CEOs will continue, as we have a long way to go on the path to correction,” Simmons said.

Findlay, Ohio-based Marathon operates the nation’s largest refining system, producing 3 million barrels of crude oil per calendar day across 13 refineries. (In 2021, Marathon closed the $21 billion sale of Speedway to 7-Eleven.)

There are industries—oil and gas certainly among them—that have been especially male dominated, Simmons noted. Women made up just under 14% of senior managers at energy firms, according to a 2022 analysis, although three major oil companies do have women at the helm of finance: Exxon Mobil SVP and CFO Kathryn A. Mikells, Shell CFO Sinead Gorman, and BP CFO Kate Thomson.

Could one of them be the next CEO of an oil firm?

You can read the rest of my story on Mannen and Marathon's CEO and board transition here.

Sheryl Estrada
sheryl.estrada@fortune.com

This story was originally featured on Fortune.com