Former General Motors chairman and CEO Frederick ‘Fritz’ Henderson has joined oil refiner Sunoco as a senior vice president to help prepare for the previously announced separation of SunCoke Energy. Henderson will become chairman and chief executive officer of SunCoke upon completion of the separation.
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Sunoco plans to effect the separation in the first half of 2011, subject to market, regulatory and other conditions, and is currently reviewing a variety of potential separation transactions.
“I am very pleased that a leader of Fritz’s calibre will be joining Sunoco to lead SunCoke Energy,” said chairman and CEO Lynn Elsenhans. “Fritz is an exceptionally gifted and highly experienced executive with the business and financial expertise needed to lead SunCoke Energy as an independent company and drive its global growth strategy. His broad global experience managing businesses in many of the world’s major markets will be invaluable.”
Henderson said: “I am very excited by the prospect of leading SunCoke Energy at this pivotal time in its history. SunCoke is the leading independent coke producer in North America, and I see significant global growth potential for the company. I look forward to building upon the strong foundation that has already been established to pursue the exciting opportunities ahead.”
Henderson held a variety of management positions during his 25 years at General Motors and has been a consultant to the automaker since his ousting as part of the government funded and supervised bankruptcy and restructuring of the automaker.
Sunoco is a leading transportation fuel provider, with operations located primarily in the east coast and midwest regions of the United States. The company operates more than 4,700 branded retail locations that market transportation fuels and convenience store merchandise in 23 states. This retail network is principally supplied by Sunoco-owned refineries with a combined crude oil processing capacity of 675,000 barrels per day. Sunoco is also the general partner and has a 33% interest in Sunoco Logistics Partners, a publicly traded master limited partnership which owns and operates 6,000 miles of refined product and crude oil pipelines and approximately 40 product terminals.
Through SunCoke Energy, Sunoco makes high quality metallurgical grade coke for major steel manufacturers.
