Marathon Oil Company plans to pay its former chief operating officer $4.6 million in severance following his resignation last week, Marathon said recently.
Houston-based Marathon announced the resignation of its chief operating officer, David Roberts, on December 10, saying that he was leaving to pursue other interests.
Roberts began his career at Marathon in 2006 as a senior vice president of business development, and in 2008 became the executive vice president of Marathon’s worldwide upstream operations.
The company filed the severance payment offer with the U.S. Securities and Exchange Commission on December 14, which included standard legal releases in exchange for the payment, noting that “nothing in this letter agreement should be construed to mean that either you or the Marathon Group has done anything improper, illegal or unethical”.
Under his tenure in 2011, Marathon split off its downstream business into a separate company, Marathon Petroleum Company.
Marathon is determining its options for filling the chief operating officer, and the upstream organization formerly reporting to Roberts is now reporting to Clarence Cazalot, Marathon’s chief executive office in the near term, said Lee Warren, a spokeswoman for Marathon.
“We’ll evaluate options for realigning reporting relationships in the weeks to come,” Warren said. “We have an outstanding leadership team overseeing our operations and we have total confidence that they will continue to perform with a focus on safe and responsible operations and generating value growth for our shareholders.”