Philadelphia Energy CEO Rinaldi to Retire in March
Phil Rinaldi (Photo: Philadelphia Energy Solutions)
Philadelphia Energy Solutions Chief Executive Officer Phil Rinaldi plans to retire effective March 2017, according to a memo sent to employees on Tuesday and obtained by Reuters.
Rinaldi has helmed the privately-held company since 2010, when The Carlyle Group and Sunoco formed a joint venture to buy the largest East Coast refinery, which was on the brink of closure.
"We took the company off life support with help from The Carlyle Group," Rinaldi said in the memo. "We invested more than $700 million modernizing the plant, improving efficiency and hiring a net 240 people since the time of the acquisition," he said.
Rinaldi acknowledged that the 330,000 barrel per day refinery and its associated gasoline logistics infrastructure has faced headwinds. Costs to comply with federal renewable fuels regulations and narrow margins for gasoline have cut the company's profits.
Rinaldi said he would continue to be personally invested with Philadelphia Energy after his retirement, as a sign of his "confidence in the company's future."
(Reporting By Jarrett Renshaw; Writing by Jessica Resnick-Ault; Editing by Marguerita Choy)
