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Posted 28 February, 2024

PAR PACIFIC HOLDINGS, INC. appointed William Monteleone as new CEO

NYSE:PARR appointed new Chief Executive Officer William Monteleone in a 8-K filed on 28 February, 2024.


  Appointment of William Monteleone as President and Chief Executive Officer  

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Overview of PAR PACIFIC HOLDINGS, INC.
Companies on the Energy Service • Oil & Gas Products/Services
Par Pacific Holdings, Inc. engages in the operation of energy and infrastructure businesses. It operates through the following segments: Refining, Retail, Logistics, and Other. The Refining segment produces ultra-low sulfur diesel, gasoline, jet fuel, marine fuel, low sulfur fuel oil, and other associated refined products. The Retail segment sells gasoline, diesel, and retail merchandise. The Logistics segment is involved in terminals, pipelines, a single-point mooring, and trucking operations to distribute refined products throughout the islands of Oahu, Maui, Hawaii, Molokai, and Kauai. The company was founded on December 21, 1984 and is headquartered in Houston, TX.
Market Cap
$2.14B
View Company Details
PAR PACIFIC HOLDINGS, INC. by TradingView
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


Retirement of William Pate as Chief Executive Officer 


On February 23, 2024, William Pate announced his plans to retire as Chief Executive Officer of Par Pacific Holdings, Inc. (the "Company" or "Par Pacific"), effective as of April 30, 2024. Mr. Pate was instrumental in the appointment of his successor and will remain on the Company's Board of Directors. Mr. Pate's unvested restricted stock awards and performance restricted stock unit awards will be accelerated and will vest on his retirement date.


Appointment of William Monteleone as President and Chief Executive Officer 


On February 23, 2024, the Board of Directors of Par Pacific appointed William Monteleone to become the Company's President and Chief Executive Officer, effective upon Mr. Pate's retirement.


Mr. Monteleone, age 40, served as the Company's President since January 2023, as Executive Vice President and Chief Financial Officer from January 2022 to January 2023, as Senior Vice President and Chief Financial Officer from March 2017 to January 2022, as Senior Vice President of Mergers & Acquisitions from January 2015 to March 2017, and as Chief Executive Officer from June 2013 to January 2015. Mr. Monteleone graduated magna cum laude from Vanderbilt University with a bachelor's degree.


In connection with Mr. Monteleone's appointment, his annual base salary will increase to $750,000 per year, paid in accordance with the Company's payroll practices. Mr. Monteleone is also eligible to receive an annual performance bonus, depending upon his performance and the Company's profitability. Mr. Monteleone's target cash bonus is 100% of his annual base salary, and his target long-term incentive plan bonus is 300% of his annual base salary, to be split evenly between restricted stock and performance restricted stock units. On April 30, 2024, Mr. Monteleone will receive a one-time award of 350,000 nonqualified stock options based on the closing price of the Company's common stock on that date. The options will have a ten-year term and cliff-vest after five years.


Mr. Monteleone is also eligible to participate in any benefit plans that may be offered from time to time by the Company to its employees generally and in the Company's 401(k) plan, in each case subject to his satisfaction of the applicable eligibility provisions.