Delek US and Delek Logistics Announce Kevin Kremke will join the companies as EVP on April 1
January 30 2017 - 5:30PM
Delek US Holdings, Inc. (NYSE:DK) and Delek Logistics Partners, LP
(NYSE:DKL) (collectively with Delek US Holdings, Inc., “Delek”)
announced that Kevin Kremke is joining the companies as Executive
Vice President, effective April 1, 2017. Mr. Kremke will serve in
this role until June 1, 2017 at which point he will be named as EVP
and chief financial officer of the companies. As planned,
Assi Ginzburg’s resignation of his role as EVP and chief financial
officer will be effective June 1, 2017. Mr. Ginzburg will continue
to work as vice president overseeing the business development and
strategic planning of Delek and will remain a member of the board
of directors of Delek Logistics GP, LLC, the general partner of
Delek Logistics Partners, LP.
Uzi Yemin, Chairman, President and Chief
Executive Officer of Delek US Holdings, Inc. and Chairman and Chief
Executive Officer of the general partner of Delek Logistics
Partners, LP said “I am excited to have someone of Kevin’s caliber
join our team, and his start date in early April will provide time
for Kevin and Assi to work together until June 1 to provide a
smooth transition to the CFO role. Kevin’s financial experience in
the energy markets and with MLPs will benefit our organization as
we continue to grow through completion of the acquisition of Alon
USA and the integration of the companies. I look forward to working
with Kevin to achieve our growth strategies in the future.”
“I am joining Delek at an exciting time as it
continues to grow,” said Kremke. “I look forward to working with
Uzi and the management team to support these efforts and explore
additional opportunities to drive shareholder value.”
Mr. Kremke has nearly 20 years of financial
experience in the energy sector. Most recently he served as chief
financial officer for Ciner Resources Corporation and Ciner
Resources Partners LP (NYSE:CINR) where he was responsible for the
overall accounting and finance functions, strategy/corporate
development and investor relations for the organization. Prior to
joining Ciner Resources in 2014, he worked at Cheniere Energy, Inc
as vice president of Finance and Strategic Planning. He also has
experience in the energy sector through senior roles held at Spark
Energy, Inc. and Reliant Energy, Inc. He earned a Bachelor of
Science in Marketing from Ball State University and a Master of
Business Administration in Finance and Strategic Management from
the University of Chicago’s Booth School of Business. He and his
family will be relocating to the Nashville, Tennessee area.
About Delek US Holdings,
Inc.Delek US Holdings, Inc. is a diversified downstream
energy company with assets in petroleum refining and
logistics. The refining segment consists of refineries
operated in Tyler, Texas and El Dorado, Arkansas with a combined
nameplate production capacity of 155,000 barrels per day.
Delek US Holdings, Inc. and its affiliates also own approximately
62 percent (including the 2 percent general partner interest) of
Delek Logistics Partners, LP. Delek Logistics Partners, LP
(NYSE:DKL) is a growth-oriented master limited partnership focused
on owning and operating midstream energy infrastructure
assets. Delek US Holdings, Inc. currently owns approximately
47 percent of the outstanding common stock of Alon USA Energy, Inc.
(NYSE:ALJ).
About Delek Logistics Partners,
LPDelek Logistics Partners, LP, headquartered in
Brentwood, Tennessee, was formed by Delek US Holdings, Inc.
(NYSE:DK) to own, operate, acquire and construct crude oil and
refined products logistics and marketing assets.
Safe Harbor Provisions Regarding
Forward-Looking StatementsThis press release contains
forward-looking statements that are based upon current expectations
and involve a number of risks and uncertainties. Statements
concerning current estimates, expectations and projections about
future results, performance, prospects, opportunities, plans,
actions and events and other statements, concerns, or matters that
are not historical facts are “forward-looking statements,” as that
term is defined under the federal securities laws. These
forward-looking statements include, but are not limited to,
statements regarding the proposed merger with Alon, integration and
transition plans, synergies, opportunities, anticipated future
performance and financial position, and other factors.
Investors are cautioned that the following
important factors, among others, may affect these forward-looking
statements. These factors include but are not limited to: risks and
uncertainties related to the expected timing and likelihood of
completion of the proposed merger, including the timing, receipt
and terms and conditions of any required governmental and
regulatory approvals of the proposed merger that could reduce
anticipated benefits or cause the parties to abandon the
transaction, the ability to successfully integrate the businesses,
the occurrence of any event, change or other circumstances that
could give rise to the termination of the merger agreement, the
possibility that stockholders of Delek US may not approve the
issuance of new shares of common stock in the merger or that
stockholders of Alon may not approve the merger agreement, the risk
that the parties may not be able to satisfy the conditions to the
proposed transaction in a timely manner or at all, risks related to
disruption of management time from ongoing business operations due
to the proposed transaction, the risk that any announcements
relating to the proposed transaction could have adverse effects on
the market price of Delek US' common stock or Alon's common stock,
the risk that the proposed transaction and its announcement could
have an adverse effect on the ability of Delek US and Alon to
retain customers and retain and hire key personnel and maintain
relationships with their suppliers and customers and on their
operating results and businesses generally, the risk that problems
may arise in successfully integrating the businesses of the
companies, which may result in the combined company not operating
as effectively and efficiently as expected, the risk that the
combined company may be unable to achieve cost-cutting synergies or
it may take longer than expected to achieve those synergies,
uncertainty related to timing and amount of future share
repurchases and dividend payments, risks and uncertainties
with respect to the quantities and costs of crude oil we are able
to obtain and the price of the refined petroleum products we
ultimately sell; gains and losses from derivative instruments;
management's ability to execute its strategy of growth through
acquisitions and the transactional risks associated with
acquisitions and dispositions; acquired assets may suffer a
diminishment in fair value as a result of which we may need to
record a write-down or impairment in carrying value of the asset;
changes in the scope, costs, and/or timing of capital and
maintenance projects; operating hazards inherent in transporting,
storing and processing crude oil and intermediate and finished
petroleum products; our competitive position and the effects of
competition; the projected growth of the industries in which we
operate; general economic and business conditions affecting the
southern United States; and other risks contained in Delek US’,
Delek Logistics’ and Alon’s filings with the United States
Securities and Exchange Commission.
Forward-looking statements should not be read as
a guarantee of future performance or results and will not be
accurate indications of the times at or by which such performance
or results will be achieved. Forward-looking information is
based on information available at the time and/or management's good
faith belief with respect to future events, and is subject to risks
and uncertainties that could cause actual performance or results to
differ materially from those expressed in the statements.
Delek US and Delek Logistics undertakes no obligation to update or
revise any such forward-looking statements, except as required by
applicable law or regulation.
Contact:
U.S. Investor / Media Relations Contact:
Keith Johnson
Delek US Holdings, Inc.
Vice President of Investor Relations
615-435-1366
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