PBF Energy recently announced that, effective July 1, Tom Nimbley will step down as CEO after over a decade of leading the Parsippany-based refiner.
Matthew Lucey, the company’s current president, will succeed Nimbley as CEO and president. Lucey was also appointed to the board of directors, while Nimbley will continue as executive chairman of the board.
Nimbley has been Parsippany-based PBF Energy’s CEO since its initial public offering in 2012, after leading its private predecessor company as CEO since 2010.
“Tom’s vision and commitment are the reasons why PBF Energy is so well-positioned today,” Gene Edwards, lead independent director, said. “His deep refining knowledge has allowed PBF Energy to navigate challenging industry conditions as we pursued a path of growth as a development company with zero assets to being one of the largest independent refiners in North America today.”
Under Nimbley’s leadership, PBF Energy has recorded many notable achievements, including:
- Establishing PBF Energy as a leading independent refiner with a geographically diversified portfolio of six high complexity refineries and associated logistics assets;
- Focusing PBF Energy on investing for the future, as most recently demonstrated by the company’s St. Bernard Renewables plant located in Chalmette, Louisiana, which will enable the company to contribute diversified sources of energy to the global mix, lower the carbon intensity of its operations and products, and exponentially increase production of Renewable Identification Numbers;
- Creating a values-based organization with a mission to operate facilities safely, reliably and in an environmentally responsible manner, provide employees with a safe and rewarding workplace, become a positive influence in the communities that host it and provide superior returns to investors.
“On behalf of the board of directors, I want to thank Tom for his outstanding leadership as chairman and CEO,” Edwards said. “I look forward to continuing to work with him as our executive chairman.”
“Matt is the right leader at the right time for PBF Energy,” Nimbley said. “I have partnered with him for many years, and I am confident he will continue to serve PBF Energy, our employees, host communities and shareholders well.”
Lucey joined PBF Energy’s predecessor company at its formation in 2008, serving as the firm’s first chief financial officer until 2014, when he became executive vice president. He has been president of the company since 2015, in charge of day-to-day operations and strategic projects. Prior to his tenure at PBF Energy, Lucey worked in private equity, specializing in several sectors of the broader energy industry, from 2001 to 2008. Before that, he spent six years in the banking industry.
“Tom’s leadership in fostering a culture of operating excellence and financial strength will continue to benefit us in the years to come,” Lucey said. “The company is on strong financial footing and remains committed to maintaining strength through our balance sheet while striving for superior shareholder returns. I am excited to continue working with him and the entire PBF team as the company takes on the challenges and opportunities that lie ahead.”
