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EL DORADO, Ark. -- Less than one year after being appointed Murphy Oil Corp.’s president and CEO, Steven A. Cossè informed the board of directors today of his intention to resign following the spinoff of Murphy’s retail division into an independent and separately traded company.
During its first-quarter earnings call last week, Cossè confirmed that the company will file its final paperwork with the U.S. Securities and Exchange Commission (SEC) next week in hopes of receiving approval to spin off Murphy Oil USA Inc.
In addition to SEC approval, the El Dorado, Ark.-based company is seeking a favorable ruling from the Internal Revenue Service regarding the spinoff being a tax-free transaction. Assuming both approvals are received, the separation will take place in the second half of this year.
Murphy Oil Corp. added seven stores in its first quarter ended March 31 and opened 39 new stores in the past year. The company expects to operate 1,235 locations by the end of 2013.
Cossè, who has been at the forefront of the chain’s aggressive plan to open more locations, was appointed president and CEO on June 20. He was elected to the board of directors on Aug. 3, 2011, following his retirement from Murphy's management on March 1, 2011 after more than 40 years of service.
Cossè will continue to serve as a member of Murphy's board after stepping down. Executive Vice President and Chief Operating Officer Roger Jenkins is set to succeed him.
"We are grateful to Steve for guiding Murphy through this period of transition and are pleased to have Roger Jenkins on board to lead Murphy as it launches a new phase as an independent exploration and production company," stated Claiborne Deming, chairman of the board.
Jenkins joined Murphy Oil Corp. in 2001 after working 17 years with a major oil company. In 2009, he was named executive vice president, exploration and production, and has played a critical leadership role in Murphy's worldwide operations, including the development of the Kikeh field in Malaysia and the Eagle Ford Shale in south Texas, the company noted.
Jenkins holds a bachelor's degree in petroleum engineering from Louisiana State University, a master's degree in business administration from Tulane University and completed the Advanced Management Program at Harvard Business School.