Fuel and retail convenience store chain Murphy USA Inc. of El Dorado (NYSE: MUSA) on Wednesday announced that Mindy West, the company’s chief operating officer, will succeed Andrew Clyde as president and CEO effective Jan. 1.
Clyde is retiring after more than 12 years leading the company. He became CEO when Murphy USA spun off of Murphy Oil Corp. in 2013.
West joined Murphy USA the same year as executive vice president, CFO and treasurer after 17 years with Murphy Oil. She has been chief operating officer since February 2024.
In a news release, the company said that after Clyde retires, he will remain with the company as a non-executive adviser through February 2027 to help ensure a smooth transition.
“Our thoughtful succession planning has positioned Murphy USA for this leadership transition,” Clyde said in the release. “Mindy has played a pivotal role in shaping our strategy and delivering results, and I am proud to support her as she leads the company forward.”
Clyde joined Murphy USA after a 20-year career at global management consulting firm Booz & Co., where he served in various roles including North American energy practice leader and Dallas office managing partner.
During his time with Murphy USA, he oversaw the expansion of the business to 27 states and more than 1,770 locations.
“Andrew Clyde is an icon in the industry and has driven unparalleled results since our spin in 2013,” Madison Murphy, Murphy USA’s board chair, said in the release. “The Board extends its sincere gratitude to Andrew for his exceptional leadership. In addition to driving growth and results for Murphy USA, Andrew has built an exceptional leadership team and positioned Mindy for a strong and seamless transition.”
In another C-suite move, Galagher Jeff resigned as CFO of the company earlier this month after 20 months in the role. The company said his departure was “not the result of any disagreement with the Company regarding any matters related to its operations or otherwise related to the Company’s financial performance or condition.”
Q3 Results
The company announced the CEO transition with its third-quarter financial results. It reported net income of $129.9 million, down 12.9% from $149.2 million a year ago.
Included in the quarter was a restructuring charge of $12.6 million.
Per share, earnings came to $6.76. Adjusted earnings were $7.25 per share.
The results surpassed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $6.60 per share.
Revenue in the period was $5.11 billion, down 2.44% from $5.24 billion a year ago.
Merchandise margin contribution totaled $24.4 million, up 11.3% as same-store inside sales and margin comparisons turned positive in the quarter, driven by strong sales of nicotine products, Clyde said.
“We remain steadfast in controlling what we can control, continuing to build highly productive new stores and investing in business and operational improvements, as evidenced by store level expense improvements and right-sizing home office costs,” he said.
The company has 39 new stores being built and two being razed and rebuilt. Including those projects, Murphy USA finished the quarter with 1,772 stores.
Shares of the company fell 1% Wednesday, closing at $392.26 The stock fell another 2% in after-hours trading. Over the past 12 months, shares were down nearly 18%.
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