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Posted 04 May, 2023

PBF Energy Inc. appointed Matthew Lucey as new CEO

NYSE:PBF appointed new Chief Executive Officer Matthew Lucey in a 8-K filed on 04 May, 2023.


  The Board of Directors of the Company has appointed Matthew Lucey to become President and Chief Executive Officer and a member of the Board of Directors, in each case, effective as of the Effective Date.  

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Overview of PBF Energy Inc.
Companies on the Energy Service • Oil & Gas Products/Services
PBF Energy, Inc. engages in the operation of a petroleum refinery and supplies unbranded transportation fuels, heating oil, petrochemical feed stocks, lubricants, and other petroleum products in the United States. It operates through the Refining and Logistics segments. The Refining segment involves refining crude oil and other feed stocks into petroleum products. The Logistics segment includes owning, leasing, operation, development, and acquisition of crude oil and refined petroleum products terminals, pipelines, storage facilities, and logistics assets. The company was founded on March 1, 2008 and is headquartered in Parsippany, NJ.
Market Cap
$5.75B
View Company Details
PBF Energy 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.

PBF Energy Inc. (the "Company") announced today that Thomas Nimbley will be transitioning from his position as Chief Executive Officer of the Company effective July 1, 2023 (the "Effective Date"). Mr. Nimbley has served in this capacity since the Company's initial public offering in December 2012. Mr. Nimbley will continue to serve the Company as Executive Chairman of the Board.

Upon assuming the role of Executive Chairman of the Board, Mr. Nimbley's base salary will be reduced to $1,200,000 from $1,500,000. The target opportunity for Mr. Nimbley in the Company's cash incentive program ("CIP") will remain at 150% of his base salary. Mr. Nimbley's employment agreement has been amended to reflect his role and salary change, as well as certain other changes, effective as of the Effective Date. His actual CIP payout, if any, will be based on performance relative to the performance goals established under the CIP. Mr. Nimbley will continue to be eligible to participate in the Company's long-term incentive program as determined by the Compensation Committee of the Board. The foregoing is qualified in its entirety by reference to the amended employment agreement, which is attached as Exhibit 10.1 hereto.

The Board of Directors of the Company has appointed Matthew Lucey to become President and Chief Executive Officer and a member of the Board of Directors, in each case, effective as of the Effective Date. Mr. Lucey, age 49, currently serves as the President of the Company, a position he has held since 2015. He previously served as the Company's first Chief Financial Officer until 2014 and thereafter as Executive Vice President. Prior to his tenure at PBF Energy, Mr. Lucey worked in private equity specializing in several sectors of the broader energy industry from 2001 to 2008. Before that, Mr. Lucey spent six years in the banking industry. In his role as President and Chief Executive Officer, Mr. Lucey's annual base salary will be increased to $1,250,000. Mr. Lucey's employment agreement has been amended to reflect his role and salary change, as well as certain other changes, effective as of the Effective Date. The target opportunity for Mr. Lucey in the Company's CIP will remain at 150% of his base salary. His actual CIP payout, if any, will be based on performance relative to the performance goals established under the CIP. Mr. Lucey will continue to be eligible to participate in the Company's long-term incentive program as determined by the Compensation Committee of the Board. The foregoing is qualified in its entirety by reference to the amended employment agreement, which is attached as Exhibit 10.2 hereto.

There are no other arrangements or understandings between Mr. Lucey and any other persons pursuant to which Mr. Lucey was appointed the Company's President and Chief Executive Officer. There are also no family relationships between Mr. Lucey and any director or executive officer of the Company. Mr. Lucey has no direct or indirect interest in any transaction or proposed transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.