Delek US Holdings Inc.
07/02/2026 | Press release | Distributed by Public on 07/02/2026 14:33
Management Change/Compensation (Form 8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 26, 2026, the Boards of Directors of Delek US Holdings, Inc. (the "Company") and the general partner of Delek Logistics Partners, LP (the "Partnership") approved changes to certain executive officer titles and roles, effective as of July 1, 2026. Mark Hobbs, the Company's Executive Vice President and Chief Financial Officer, was appointed the Executive Vice President, Logistics, for both the Company and the general partner of Delek Logistics Partners, LP (the "Partnership"). Robert Wright, formerly the Company's Executive Vice President, Deputy Chief Financial Officer, was appointed the Company's Chief Financial Officer in place of Mr. Hobbs; Mr. Wright will remain the Chief Financial Officer of the Partnership. Reuven Spiegel will continue in his role as Executive Vice President, Special Projects, for the Company. Additionally, Mohit Bhardwaj, formerly Executive Vice President, Strategy, Business Development & Investor Relations, was appointed Executive Vice President, New Energy, Strategy & IR for the Company and the Partnership, leading the Company's New Energy Business in addition to his existing responsibilities.
In connection with the executive management changes, the Company amended certain executive employment agreements. The Company entered into a First Amendment to the Executive Employment Agreement with Robert Wright which changes Mr. Wright's annual base salary from $500,000 to $540,000, changes his annual bonus target from 75% to 90% of base salary, and provides for long-term incentive grants of $650,000 in March 2027 and $800,000 in March 2028.
The Company entered into a Fifth Amendment to the Executive Employment Agreement with Reuven Spiegel, which extends his employment term through December 31, 2027.
Effective July 1, 2026, the Board appointed Misty Lavender to succeed Denise McWatters as Executive Vice President, General Counsel and Corporate Secretary of the Company and the general partner of the Partnership. Upon the expiration of her employment agreement on June 30, 2026, Ms. McWatters will transition to a consulting role.
In connection with her transition, the Company and Ms. McWatters entered into a consulting agreement effective July 1, 2026. The agreement provides for a two-year term ending June 30, 2028, annual compensation of $250,000, and termination by either party on 30 days' notice. Under the agreement, Ms. McWatters' outstanding equity awards continue to vest on their existing schedules (no new equity awards are provided). The foregoing description of the consulting agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the consulting agreement, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2026.
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