Ginzburg to Remain Until November 4, 2016 and Search for Successor in
BRENTWOOD, Tenn.--(BUSINESS WIRE)--Sep. 2, 2016--
Delek US Holdings, Inc. (NYSE: DK) and Delek Logistics Partners, LP
(NYSE: DKL) (collectively with Delek US Holdings, Inc., “Delek”)
announced that Executive Vice President and Chief Financial Officer Assi
Ginzburg has decided to resign his role as chief financial officer
effective November 4, 2016 to pursue a new Israeli-based opportunity.
Delek has commenced the process of identifying Mr. Ginzburg’s successor.
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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 “On behalf of everyone at
Delek, I want to thank Assi for his years of service to our companies.
Assi has been a friend and partner of mine for many years, and he has
been an integral part of our growth and development since joining us in
2004. He has also served in numerous management capacities and provided
solid financial leadership since becoming our CFO in 2013. During this
time, we completed a multi-year investment strategy in refining, we grew
Delek Logistics Partners, LP and, most recently, we completed steps to
unlock the value of our retail assets while positioning us for future
growth. We wish him all the best in his future endeavors.”
Assi Ginzburg, Executive Vice President and Chief Financial Officer of
Delek US Holdings, Inc. and the general partner of Delek Logistics
Partners, LP said “I am excited about the new opportunity, but this was
not an easy decision for me and my family. Over the last twelve years,
we have developed friends and relationships at Delek that we will miss.
I am proud of what we accomplished and would like to thank the board,
management, and my friend Uzi, for the opportunity to be part of this
great company and its development. I leave the Company in a strong
financial position and feel confident that the Delek team has the right
strategy and is well positioned to create long-term value for
Following his departure, Mr. Ginzburg will remain as a member of the
board of directors of Delek Logistics GP, LLC, the general partner of
Delek Logistics Partners, LP.
About Delek US Holdings, Inc.
Delek US Holdings, Inc. is a diversified downstream energy company with
assets in petroleum refining, logistics and convenience store retailing.
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. The retail
segment markets motor fuel and convenience merchandise through a network
of approximately 348 company-operated convenience store locations
operated under the MAPCO Express®, MAPCO Mart®, East Coast®, Fast Food
and Fuel™, Favorite Markets®, Delta Express® and Discount Food Mart™
brand names. Delek US Holdings, Inc. also owns approximately 48 percent
of the outstanding common stock of Alon USA Energy, Inc. (NYSE: ALJ).
About Delek Logistics Partners, LP
Delek 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
Safe Harbor Provisions Regarding Forward-Looking Statements
This 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 and
opportunities 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.
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 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; changes in the scope, costs, and/or
timing of capital and maintenance projects; management’s ability to
execute its strategy of growth through acquisitions and the
transactional risks associated with acquisitions; 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 on the
balance sheet and a resultant loss recognized in the statement of
operations; the effect on our financial results by the financial results
of Alon USA Energy, Inc., in which we hold a significant equity
investment; 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, particularly levels of spending relating to travel
and tourism or conditions affecting the southeastern United States; and
other risks contained in our 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 undertakes no obligation to update or revise
any such forward-looking statements.
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Source: Delek US Holdings, Inc.
Delek US Holdings, Inc.
Keith Johnson, 615-435-1366
President of Investor Relations