Bob Campbell retires as Sunoco Chairman and CEO
Campbell said that a year ago there were a number of issues in the marketplace that the industry and Sunoco had no control over. He said further that the current marketplace has changed and is providing an opportunity for Sunoco to demonstrate its continuous improvement on all issues the company can influence.
During the meeting, two other changes to Sunoco's board of directors were announced. Dr. William F. Pounds will retire from the board after more than 26 years—serving longer than any outside director in the history of the company. "Bill Pounds' energy, vision, and ever-present steady hand during our deliberations has been of immense benefit to Sunoco," Bob Campbell said. "He has our enduring admiration and respect."
As part of his review of Sunoco's performance and vision for the company, newly elected chairman and CEO John G. Drosdick said, "The company will continue to stay focused on improving Sunoco's existing businesses while looking to responsibly grow the asset base. Through the operational improvements and strategic investments we have made and the diverse portfolio of businesses we operate, Sunoco is well positioned to compete and grow shareholder value in the very competitive petroleum refining and marketing business."
"I want to acknowledge and thank Bob Campbell and the other senior executives who are retiring for their outstanding service and contributions to Sunoco over their careers," Drosdick added.
Campbell concluded his remarks by saying, "I feel good that we have the financial foundation and opportunistic instincts to grow this company to new dimensions. As Jack Drosdick and his team lead Sunoco into its tomorrows, as a shareholder and as a retiree, I take great pride in knowing that we have at Sunoco an action-oriented management team that I believe is the best in the industry." Campbell said that he will watch the story unfold with great anticipation.
Edited by David Nakamura