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PHILADELPHIA -- Lynn Laverty Elsenhans was elected CEO and president by Sunoco Inc.'s board of directors. The appointment will be official on Aug. 8, when John G. Drosdick, current CEO and president, retires.
"It has been a privilege to serve as Sunoco's CEO for the last eight years. I have enjoyed working with the employees, the senior team and the board of directors to build the business and set a clear strategic direction for the company," Drosdick, who will remain a non-executive chairman of the board, said in a released statement. "With that accomplished, it is now the right time to step aside."
At 52, Elsenhaus has enjoyed a celebrated career as an oil executive. Her last post was as executive vice president of Global Manufacturing for Shell Downstream Inc., a subsidiary of Royal Dutch Shell Group. In this role she was responsible for Shell's refining and chemical manufacturing operations, which included 40 plants and more than 17,000 employees. Subsequently she served from 2003 to 2005 as president of Shell Oil Co. and president and CEO of Shell Oil Products U.S.
"Lynn's record at Shell speaks for itself -- she knows the industry intimately and has proven to be a capable manager of a large and complex business," Drosdick said in a released statement. "With her qualifications, track record of performance and fresh perspective, Lynn is clearly ready to build on Sunoco's success."
On behalf of Sunoco's board, presiding chair of the Governance Committee, Jack Ratcliffe, said in a released statement: "For the last year, the board of directors searched for a CEO with excellent credentials and experience to succeed Jack Drosdick. Lynn has the outstanding background in refining, marketing and chemicals to lead Sunoco's traditional business lines, as well as champion the growth of our promising coke and logistics businesses. We are confident that Lynn will further develop the strategy we have followed for the last decade."
Upon accepting the position, Elsenhans said: "Sunoco is a great company with a strong portfolio of diverse businesses. I am honored to join the leadership team of a company known for its proud tradition and dedicated employees."