- Tom Nimbley to transition to
Executive Chairman of the Board of Directors; steps down as
Chief Executive Officer on July 1
after over a decade of leading company
- Matthew C. Lucey, current
President, will assume President and Chief Executive Officer
role
PARSIPPANY, N.J., May 4, 2023
/PRNewswire/ -- The Board of Directors of PBF Energy Inc. (NYSE:
PBF) has named its current President, Matthew C. Lucey, as President and Chief
Executive Officer and appointed him to the Board, effective
July 1, 2023. Mr. Lucey will
succeed current CEO Tom Nimbley, who
will continue as Executive Chairman of the Board of Directors.
Mr. Nimbley has been Chief Executive Officer of PBF Energy since
our initial public offering in 2012, after leading its private
predecessor company as Chief Executive Officer since 2010. In
2016, the Board of Directors appointed him Chairman and Chief
Executive Officer.
"Tom's vision and commitment are the reasons why PBF Energy is
so well-positioned today," said Gene
Edwards, lead Independent Director of the Board of
Directors. "His deep refining knowledge has allowed PBF Energy to
navigate challenging industry conditions as we pursued a path of
growth as a development company with zero assets to being one of
the largest independent refiners in North
America today."
PBF Energy has recorded many notable achievements under Mr.
Nimbley's leadership, including:
- Establishing PBF Energy as a leading independent refiner with a
geographically diversified portfolio of six high complexity
refineries and associated logistics assets;
- Focusing PBF Energy on investing for the future, as most
recently demonstrated by the Company's St. Bernard Renewables plant
located in Chalmette, Louisiana,
which will enable the Company to contribute diversified sources of
energy to the global mix, lower the carbon intensity of its
operations and products, and exponentially increase production of
Renewable Identification Numbers (RINs)
- Creating a values-based organization with a mission to operate
our facilities safely, reliably and in an environmentally
responsible manner, provide employees with a safe and rewarding
workplace, become a positive influence in the communities that host
us, and provide superior returns to our investors.
"On behalf of the Board of Directors, I want to thank Tom for
his outstanding leadership as Chairman and CEO," Mr. Edwards
continued. "I look forward to continuing to work with him as our
Executive Chairman."
"Matt is the right leader at the right time for PBF Energy," Mr.
Nimbley said. "I have partnered with him for many years, and I am
confident he will continue to serve PBF Energy, our employees, host
communities, and shareholders well."
Mr. Lucey joined PBF Energy's predecessor company at its
formation in 2008, serving as the Company's first Chief Financial
Officer until 2014, when he became Executive Vice President. He has
been President of the Company since 2015, in charge of day-to-day
operations and strategic projects. Prior to his tenure
at PBF Energy, Mr. Lucey worked in private equity specializing in
several sectors of the broader energy industry from 2001 to 2008.
Before that, he spent six years in the banking industry.
"Tom's leadership in fostering a culture of operating excellence
and financial strength will continue to benefit us in the years to
come," Mr. Lucey said. "The Company is on strong financial footing
and remains committed to maintaining strength through our balance
sheet while striving for superior shareholder returns. I am
excited to continue working with him and the entire PBF team as the
Company takes on the challenges and opportunities that lie
ahead."
About PBF Energy
PBF Energy Inc. (NYSE: PBF) is one of
the largest independent refiners in North
America, operating, through its subsidiaries, oil refineries
and related facilities in California, Delaware, Louisiana, New
Jersey and Ohio. Our
mission is to operate our facilities in a safe, reliable and
environmentally responsible manner, provide employees with a safe
and rewarding workplace, become a positive influence in the
communities where we do business, and provide superior returns to
our investors.
Forward-looking Statements
Statements in this press
release relating to future plans, results, performance,
expectations, achievements and the like are considered
"forward-looking statements" (as that term is defined under the
federal securities laws). These forward-looking statements involve
known and unknown risks, uncertainties and other factors, many of
which may be beyond PBF Energy's control, that may cause actual
results to differ materially from any future results, performance
or achievements expressed or implied by the forward-looking
statements. Factors and uncertainties that may cause actual results
to differ include but are not limited to the risks disclosed in PBF
Energy's filings with the SEC. All forward-looking statements speak
only as of the date hereof. PBF Energy does not undertake any
obligation to revise or update any forward-looking statements
except as may be required by applicable law.
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SOURCE PBF Energy Inc.