Schulte Represents Elliott Management in Its Agreement with Marathon Petroleum Corp.

Schulte represented Elliott Management in connection with its agreement with Marathon Petroleum Corp., the operator of the nation’s largest refining system with more than three million barrels per day of crude oil capacity across 16 refineries. As part of the agreement, Marathon Petroleum appointed a new member to its board of directors and to its special committees evaluating midstream alternatives and searching for a new CEO, as well as agreeing to allow Elliott to add a nonvoting independent adviser to the midstream evaluation committee. In addition, Marathon Petroleum agreed to seek the declassification of its board.

The Schulte team advising Elliott Management was led by Ele Klein, SRZ partner and co-chair of the global Shareholder Activism Group, and former Schulte lawyer Aneliya Crawford. The team also included associates Brandon Gold, Daniel Goldstein and former Schulte lawyer William Tevlin.