Sunoco CEO resigns as company changes course

As Sunoco is entering its next generation, company CEO Lynn Elsenhans is leaving the company.

In the Philadelphia region, Sunoco has had two refineries on the chopping block since last year. The company slowly has been shedding its unprofitable refining operations under Elsenhans. The former Shell executive led the company’s transformation to a fuel distributor.

“She may not be the person to lead that going forward, given her background is in refining and manufacturing,” said Allen Good, an equity analyst for the financial research firm Morningstar.

Elsenhans will be replaced by the company’s chief financial officer, Brian MacDonald.

Sunoco, which Friday reported a net loss of $660 million before taxes for the fourth quarter, also announced the company does not expect a buyer to emerge for the Delaware County refinery, which the company has tried to sell as part of its changing strategy.

Good said the difficulty Sunoco had in making a profit with its crude oil refineries helps to explain why the company has not found a buyer after nearly six months.

The company shut down that Marcus Hook plant in December. The site still could reopen as a distribution terminal or other facility.

The other refinery up for sale is in South Philadelphia.