Current MRO Stock Info

Management changes spook investors

The stock price of Marathon Oil Corp. (ticker: MRO) fell over 7% today as the company announced a number of changes in its senior management. The shakeup includes the exit of the company’s CFO, J.R. Sult, and Marathon’s Vice President of Unconventional Operations, Lance Robertson, according to the company’s press release Monday.

The company said Sult’s departure was not related to any disagreement with the company and was unrelated to other organizational changes. Pat Wagner has been named interim CFO, effective immediately, as Marathon searches for Sult’s replacement.

Robertson, who previously served as vice president of resource plays, has “elected to leave the company to pursue other opportunities,” Marathon said in the release. T. Mitch Little was promoted to executive vice president, operations, and will oversee the company’s Resource Play and Conventional businesses.

Likely adding to investors’ concerns today, Little’s background with the company is on the conventional side. Marathon has become an increasingly shale-focused company through a number of acquisitions and divestitures, and markets may be cautious about a management team with heavier experience outside of unconventionals, according to stock analysts.

Cathy Krajicek, currently vice president of technology and innovation, has taken over Mr. Little’s former role. Chief information officer Bruce McCullough will fill the technology and innovation role and remain chief information officer for the company.


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