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Murphy’s Oil CEO to Step Down After Spinoff

He will be replaced by the company's current COO


Murphy Oil NYSE:MUROn Monday, Murphy Oil (NYSE:MUR) announced that its president and CEO would resign during the second half of the year.

The company said that Steve Cosse, who was tapped for the top office just last year, will step down after the company completes the spin off of its retail gas station and convenience store business later this year, the Associated Press noted.

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Murphy’s chief operating office Roger Jenkins has been chosen to replace Cosse. Instrumental in building Murphy’s oil production operations in South Texas and Malaysia, Jenkins joined the company more than a decade ago.

Plans to spin off the company’s retail business were announced last year.

Last week, Murphy said it was preparing to submit the final paperwork seeking clearance for the spin off from the Security and Exchange Commission and Internal Revenue Service.

Shares of Murphy rose more than 1% in Monday morning trading.

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