Mission Accomplished.
That might be the mantra today of Sunoco boss lady Lynn Elsenhans.
When she came aboard to refining giant in 2008, she made no secret of her plan. Refining was increasingly a losing proposition, so Sunoco, with a legacy that dates back to the Pew family more than a century ago, would get out of the refining business.
She started closing or selling off refineries. In September, she finally turned her sights on the company’s iconic Marcus Hook refinery.
Yesterday, the company announced Elsenhans would step down on March 1. Sunoco is a shell of the company she inherited as she shed things that did not make money.
Any glee among union workers at word that Elsenhans was stepping down was tempered by the other things the company had to say.
First, they continue to lose money. Tons of money. The company posted a $660 million loss for the quarter, a lot of that write-downs that stem from shutting down both the Marcus Hook and South Philly refineries.
But here’s the killer. Despite persistent rumors that there was a serious potential buyer in discussions to take over the Hook plant, the company said yesterday there is no such entity.
Not only that, but that they do not see Marcus Hook operating as a refinery. In the meantime, they will proceed with shutting down the plant.
Mission accomplished, indeed.
You can read the entire story here.
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