HF Sinclair said it expects to permanently part ways with its CEO and chief financial officer after the two executives took voluntary leave of absences late last month, the fuel distributor and refiner announced in its annual report.
President and CEO Tim Go stepped away from Sinclair after Executive Vice President and CFO Atanas Atanasov told the company’s board of directors that certain actions taken by Go “created an unfavorable ‘tone at the top’ in relation to Sinclair’s 2025 disclosure processes,” according to the report. After an internal review with support of outside legal counsel, the board “developed separate concerns” regarding Go’s communication approach during this period.
The filing did not specify what Go did to raise these concerns. However, the internal review concluded that Go’s actions “did not create an unfavorable ‘tone at the top’ regarding Sinclair’s disclosure processes,” according to the report.
Sinclair’s board elected chairperson Franklin Myers to temporarily take over Go’s duties after he stepped aside.
About a week after Go’s departure, Atanasov took voluntary leave after the board developed a “separate concern” during its internal review of Go. That concern related to the viability of Atanasov’s “future working relationships with other members of the Company’s management team,” according to the report.
Sinclair appointed Vivek Garg, vice president, chief accounting officer and controller, as acting CFO after Atanasov stepped aside.
According to the report, Sinclair “expects to negotiate a mutually agreeable separation arrangement” with both Go and Atanasov. Company representatives did not respond by press time when asked if Myers and Garg will take on their roles permanently, or if Sinclair intends to find new full-time replacements.
Sinclair’s executive shuffle and internal review may complicate its future as the company charts a major growth phase under temporary leadership.
As this review commenced, Sinclair revealed that it’s launching a joint venture with c-store holding company UPOP Holdings that includes 30 new convenience retail sites across Colorado and New Mexico. As part of the joint venture, called Green Trail Fuels, Sinclair will supply fuel from its regional refineries to all 30 c-stores while UPOP operates the sites. Sinclair will hold a 50% non-operating economic interest in the venture.
