Delek US Announces Leadership Succession Plan
BRENTWOOD, Tenn. — Delek US Holdings Inc. announced a leadership succession plan, whereby Ezra Uzi Yemin, chairman and CEO of Delek US and president of Delek Logistics (DKL), will transition to the role of executive chairman of the Delek US board of directors. Yemin will continue as chairman of the Delek Logistics board.
Avigal Soreq, who currently serves as CEO of El Al Airlines, was named president and CEO of Delek US and president of DKL.
Both changes will become effective in June.
Yemin has served as chairman of Delek US since 2012, as CEO since 2004 and as president and a director since 2001. Under his leadership, Delek US has grown from a retail convenience store operator into a fully integrated downstream energy company with assets located along the Gulf Coast region, including four refineries, a midstream footprint, biodiesel plants and retail convenience store locations. As executive chairman, Yemin will help oversee the Company's strategic direction and innovation efforts.
"On behalf of the board and management team, I want to thank Uzi for his tremendous leadership and guidance over nearly two decades," said Shlomo Zohar, lead independent director of the Delek US board. "As CEO, Uzi has helped position the company for the future by implementing a plan to diversify our business model and earnings mix and leverage our strong cash flows and balance sheet to expand our midstream platform. He also played an integral role in navigating the business through a difficult COVID-19 environment while maintaining safe operations, continuity of products and services and an improved cash flow profile. We look forward to continuing to benefit from Uzi's perspectives as executive chairman."
"It has been an honor to build this great company, and I couldn't be more proud of the progress we've made laying the foundation for the future," added Yemin. "In addition to expanding our platform and simplifying our structure over the years, we've successfully executed a plan to drive innovation, diversify the company's assets, and optimize costs, which has in turn enhanced our competitive position within the industry and enabled us to weather challenging macroeconomic headwinds. We have a solid foundation in place, and as we emerge with strength from the pandemic-driven downturn, the board and I are confident that this is the right opportunity to welcome our next generation of leadership. Avigal knows Delek US well, having helped establish our operational capabilities and grow our business significantly in his prior role as our chief operating officer. I look forward to working with Avigal and the board to drive sustainable energy solutions and generate long-term value for shareholders."
"I am thrilled for the opportunity to serve as the next CEO of Delek US and the president of DKL," stated Soreq. "In particular, I'm grateful to the board for entrusting me with this opportunity, and to Uzi for his many years of leadership, mentorship and friendship. I am passionate about this organization and its talented team, and am eager to reconnect with my former colleagues, who I know to be dedicated and best-in-class. Delek US and Delek Logistics have high-quality assets and positive momentum underway, and with deep knowledge about both companies and their operations, I look forward to working closely with the board, Uzi and the management team to leverage my experience and lead the company's next phase of success and value creation."
Delek US also announced additional executive appointments. Effective immediately, Todd O'Malley, previously executive vice president and chief commercial officer, will become chief operating officer of Delek US and Delek Logistics; and Nithia Thaver, previously senior vice president, refining, has been promoted to executive vice president and president of refining at Delek US. Delek US also announced that Leonardo Moreno has been appointed as an independent director to the Delek US board.
Brentwood-based Delek US Holdings Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, renewable fuels and convenience store retailing. The convenience store retailer operates approximately 250 convenience stores in west Texas and New Mexico.