Mansfield Oil Restructures, Forms Holding Company
GAINESVILLE, Ga. -- Mansfield Oil Co. created two different entities with today's official launch of a new holding company, Mansfield Energy Corp. The restructuring is a part of an "overall strategic initiative to accommodate the growing diversification of companies, products and services that now fall under the Mansfield brand," the company stated in a news release.
Current Mansfield Oil Co. President J. Alexander has been named president of the newly formed holding group. He will manage the company's portfolio of assets, acquisitions, joint ventures and corporate initiatives.
Doug Haugh, who formerly served as Mansfield Oil's executive vice president and CIO, has been promoted to president of Mansfield Oil Co. He will be responsible for all operations of the transportation and fuels business, while CFO John Byrd will handle the administrative and accounting teams in his new role as executive vice president and CFO.
Mansfield Energy will oversee service divisions such as Fuel Systems & Services and Mansfield Gas Equipment Systems. Mansfield Oil will be responsible for all refined product sales and marketing.
"The formation of Mansfield Energy Corp. allows us to move into the future while remaining true to our core customers," said Michael Mansfield, CEO of Mansfield Energy. "Our transportation fuels business has evolved beyond the marketing of refined petroleum products and today includes liquefied and compressed natural gas, specialty chemicals and renewable fuels. Our new holding company, Mansfield Energy Corp., provides the needed flexibility to evolve and grow our business in support of its long-range objectives."
Alexander said he is excited to take on a role and lead Mansfield Energy. "This transition supports the opportunity to develop new product and service offerings, while maintaining our focus on providing a competitive, reliable supply of diesel and gasoline to our customers."
The creation of two companies was primarily customer driven, according to Haugh. "The evolution of our corporate structure ensures that we have a talented and dedicated staff managing [fuel] products, while also developing long-term solutions that customers will rely on for years to come."
Mansfield Energy's operating subsidiaries include Mansfield Oil Co., C&N Ethanol Marketing LLC, Mansfield Renewable Energy LLC, Mansfield Systems Inc., Mansfield Gas Equipment Systems Corp., Mansfield Fuel Systems LLC and Mansfield of Canada ULC.