Delek US Holdings announced March 28, its leadership succession plan and a series of additional leadership appointments, as well as governance updates at Delek US and Delek Logistics Partners.
As part of the plan, Ezra Uzi Yemin, chairman and CEO of Delek US and president of Delek Logistics, 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.
The company’s board has approved the appointment of Avigal Soreq, who currently serves as CEO of El Al Airlines, as president and CEO of Delek US and president of Delek Logistics. These changes will become effective during the month of 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 strong midstream footprint, biodiesel plants and retail convenience store locations.
As executive chairman, Yemin will help oversee the company’s strategic direction and innovation efforts.
Track Record of Growth
“On behalf of the board and management team, I want to thank Uzi (Yemin) for his tremendous leadership and guidance over nearly two decades,” said Delek US Board Lead Independent Director Shlomo Zohar. “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 environment while maintaining safe operations, continuity of products and services and an improved cash flow profile.”
Zohar said that incoming executive Soreq brings a balanced combination of first-hand insight into Delek’s operations as well as outside executive perspective that the company believes make him uniquely positioned to lead the organization.
“Our Board is confident Avigal (Soreq) is the right person to drive our next chapter of growth and help achieve our full potential,” said Zohar. “Together with the additional board and leadership appointments we are announcing today, we are underscoring the strength of our business and our expectation to continue delivering high performance.”
Yemin said that it has been an honor to build the company and he’s proud of the progress made laying the foundation for the future. “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,” he said. “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.”
New Blood, Familiar Leadership
Soreq knows Delek US well, added Yemin, having helped establish its operational capabilities and grow the business significantly in his prior role as COO.
“I am thrilled for the opportunity to serve as the next CEO of Delek US and the president of DKL,” said 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.”
Effective immediately, Todd O’Malley, currently EVP and chief commercial officer, has been named COO of Delek US and Delek Logistics; and Nithia Thaver, currently senior vice president of refining, has been promoted to executive vice president and president of refining at Delek US.
Delek US Holdings is a diversified downstream energy company with assets in petroleum refining, logistics, renewable fuels and convenience store retailing. The refining assets consist primarily of refineries operated in Tyler and Big Spring, Texas; El Dorado, Ark.; and Krotz Springs, La.; with a combined nameplate crude throughput capacity of 302,000 barrels per day.
The logistics operations primarily consist of Delek Logistics Partners. Delek US and its affiliates own approximately 79% (including the general partner interest) of Delek Logistics Partners, a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets.
The convenience store retail operates approximately 250 convenience stores in West Texas and New Mexico.