Marathon Petroleum Corporation (MPC) is one of the largest energy companies in the United States, specializing in refining, marketing, and transporting petroleum products. The company’s leadership plays a critical role in driving its growth and success. At the helm of MPC is Maryann T. Mannen, the President and Chief Executive Officer (CEO), who assumed her current role in August 2024.
In this article, we’ll explore Ms. Mannen’s salary, net worth, and her journey to becoming the CEO of Marathon Petroleum. This blog is designed to provide transparent and detailed information for readers looking to understand her earnings, career achievements, and the factors influencing executive compensation.
Who Is Maryann T. Mannen?
Maryann T. Mannen is a seasoned executive with decades of experience in the energy sector. Her leadership and financial expertise have been instrumental in shaping Marathon Petroleum’s strategies and operations.
Career Highlights
Ms. Mannen’s professional journey is marked by significant milestones:
Current Role:
- Maryann T. Mannen became the President of Marathon Petroleum Corporation in January 2024 and took over as CEO in August 2024. She also serves as the CEO of MPLX GP LLC, a subsidiary of Marathon Petroleum.
Previous Role at MPC:
- Before becoming CEO, Ms. Mannen served as Executive Vice President and Chief Financial Officer (CFO) of Marathon Petroleum from 2021 to 2024.
TechnipFMC Experience:
- Prior to joining MPC, Ms. Mannen was the Executive Vice President and CFO of TechnipFMC, a global engineering and energy technology company headquartered in Paris and Houston. She played a key role in negotiating and executing the merger between FMC Technologies and Technip SA.
Early Career:
- Ms. Mannen began her career at FMC Technologies in 1986, holding several leadership roles, including CFO, Deputy CFO, and Treasurer. Before that, she worked as a finance manager for Sheller-Globe Corporation.
Educational Background
Ms. Mannen holds:
- A Bachelor’s Degree in Accounting from Rider University.
- A Master of Business Administration (MBA) from Rider University.
Her strong academic foundation and financial expertise have contributed to her success in executive roles.
Board Memberships and Industry Contributions
Ms. Mannen is actively involved in various industry organizations and boards:
- Owens Corning Board of Directors (Audit Committee Chair since 2019).
- American Petroleum Institute (API) Executive Committee.
- American Fuel and Petrochemical Manufacturers (AFPM) Executive Committee.
- Ohio Business Roundtable Executive Committee.
- The Business Council Member.
- Cynthia Woods Mitchell Pavilion Board of Directors (Secretary and member of executive and finance committees).
Her involvement in these organizations reflects her commitment to advancing the energy sector and contributing to community initiatives.
Marathon Petroleum CEO Salary Breakdown
Maryann T. Mannen’s earnings as CEO of Marathon Petroleum are substantial, reflecting her leadership role and the company’s competitive compensation practices. Below is a detailed breakdown of her salary components for 2024:
1. Base Salary
Ms. Mannen earns a base salary of $1.20 million annually, which provides financial stability and is competitive within the energy industry.
2. Stock Awards
Stock awards make up the largest portion of her compensation package. In 2024, Ms. Mannen received $9.20 million in stock awards. These awards are tied to Marathon Petroleum’s financial performance and shareholder value, incentivizing effective leadership.
3. Other Compensation
Ms. Mannen’s compensation package includes additional perks and benefits, such as:
- Retirement plans.
- Travel allowances.
- Health insurance.
- Miscellaneous benefits, valued at $320,410.
4. Total Compensation
In 2024, Maryann T. Mannen’s total compensation amounted to $14.39 million, making her one of the highest-paid executives in the energy sector.
Maryann T. Mannen’s Net Worth
Maryann T. Mannen’s net worth is estimated to be in the multi-million-dollar range, thanks to her salary, stock awards, and investments.
Key Factors Contributing to Net Worth
Salary and Bonuses:
- Her annual compensation of $14.39 million significantly boosts her net worth.
Stock Holdings:
- Ms. Mannen’s stock awards and equity holdings in Marathon Petroleum add substantial value to her wealth.
Investments and Assets:
- Her diversified investments, including real estate and other assets, contribute to her financial portfolio.
Comparison with Previous CEO Michael J. Hennigan
To understand Ms. Mannen’s salary in context, let’s compare her earnings with the previous CEO, Michael J. Hennigan:
Michael J. Hennigan’s Total Compensation (2023):
- $24 million, including:
- Base Salary: $1,750,000.
- Performance-Based Bonus: $1.4 million.
- Stock Awards: $3.5 million.
Maryann T. Mannen’s Total Compensation (2024):
- $14.39 million, reflecting her first year as CEO.
While Ms. Mannen’s earnings are lower than her predecessor’s, they align with her tenure and Marathon Petroleum’s performance metrics.
Comparison with Other Energy CEOs
Maryann T. Mannen’s salary is competitive within the energy sector. Here’s how her earnings compare to CEOs of competitors:
- Phillips 66 CEO Mark Lashier: Earned $22.59 million in 2023.
- ExxonMobil CEO Darren Woods: Received $35.9 million in 2022.
- Chevron CEO Mike Wirth: Earned $24.6 million in total compensation.
Ms. Mannen’s compensation reflects Marathon Petroleum’s market position and financial performance, ensuring alignment with industry standards.
CEO Pay Ratio and Employee Compensation
Ms. Mannen’s pay ratio is 83 times the median employee’s salary at Marathon Petroleum, which is $173,773. This ratio highlights the disparity between executive and employee earnings, a common trend in large corporations.
General Executive Compensation at Marathon Petroleum
- Median estimated compensation for executives: $239,800 annually.
- Total compensation for key executives ranges from $11.15 million to $14.18 million.
Marathon Petroleum Financial Performance and CEO Pay
Marathon Petroleum’s financial performance plays a critical role in determining CEO pay. The company’s profitability and shareholder returns directly impact Ms. Mannen’s bonuses and stock awards.
Revenue Growth and Profitability
Under Ms. Mannen’s leadership, Marathon Petroleum aims to maintain steady revenue growth and profitability, ensuring competitive compensation for executives and dividends for shareholders.
Public Opinion on CEO Salaries
CEO salaries often spark debate. Critics argue that executive pay is excessive compared to employee wages, while supporters believe high compensation is justified by the level of responsibility and expertise required for the role.
Marathon Petroleum’s Approach to Compensation
Marathon Petroleum ties executive pay to performance-based goals, ensuring alignment with shareholder expectations. Ms. Mannen’s earnings reflect her contributions to the company’s success.
Conclusion
Maryann T. Mannen’s salary and net worth reflect her leadership role in one of the largest energy companies in the United States. With an annual compensation of $14.39 million, Ms. Mannen is rewarded for her expertise and contributions to Marathon Petroleum’s success.
Her earnings align with industry standards and shareholder expectations, ensuring transparency and fairness in executive pay. For readers seeking insights into corporate leadership, this article highlights the importance of understanding CEO salaries and the factors influencing executive compensation.
FAQs
- What is Maryann T. Mannen’s annual salary as Marathon Petroleum CEO?
Ms. Mannen earns a base salary of $1.20 million, supplemented by stock awards and other benefits.
- How much is Maryann T. Mannen’s net worth?
Her net worth is estimated to be in the multi-million-dollar range, thanks to her salary, stock awards, and investments.
- How does Marathon Petroleum CEO salary compare to other energy CEOs?
Ms. Mannen’s salary is competitive but lower than CEOs of companies like ExxonMobil and Chevron.
- What factors determine a CEO’s compensation package?
CEO pay is influenced by company performance, shareholder expectations, and market competition.
- Does Marathon Petroleum’s financial performance affect CEO pay?
Yes, Ms. Mannen’s bonuses and stock awards are tied to Marathon Petroleum’s profitability and growth.