Executive reshuffle at Delek (NYSE: DKL) with new GC, pay changes
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Delek US Holdings and Delek Logistics are reshaping their executive team and compensation structure effective July 1, 2026. Mark Hobbs moves from Chief Financial Officer to Executive Vice President, Logistics for both entities, while Robert Wright becomes Chief Financial Officer of the company and continues as CFO of the partnership.
Mohit Bhardwaj will lead New Energy, Strategy & Investor Relations, and Reuven Spiegel’s employment is extended through December 31, 2027. Robert Wright’s pay package increases, with higher base salary, a larger bonus target, and scheduled long‑term incentive grants. Misty Lavender will become Executive Vice President, General Counsel and Corporate Secretary, as outgoing General Counsel Denise McWatters transitions to a two‑year consulting role.
Positive
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Negative
- None.
8-K Event Classification
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
1 item
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Key Figures
Robert Wright base salary: $500,000 to $540,000
Robert Wright bonus target: 75% to 90% of base salary
2027 long-term incentive grant: $650,000
+4 more
7 metrics
Robert Wright base salary
$500,000 to $540,000
Annual base salary change in First Amendment to Executive Employment Agreement
Robert Wright bonus target
75% to 90% of base salary
Annual bonus target increase under amended agreement
2027 long-term incentive grant
$650,000
Long-term incentive grant scheduled for March 2027
2028 long-term incentive grant
$800,000
Long-term incentive grant scheduled for March 2028
McWatters consulting compensation
$250,000 per year
Annual compensation under consulting agreement from July 1, 2026
McWatters consulting term
July 1, 2026 to June 30, 2028
Two-year consulting agreement term with 30 days’ termination notice
Spiegel employment term
Through December 31, 2027
Extension under Fifth Amendment to Executive Employment Agreement
Key Terms
Executive Employment Agreement, long-term incentive grants, consulting agreement, equity awards
4 terms
Executive Employment Agreement financial
"The Company entered into a First Amendment to the Executive Employment Agreement with Robert Wright"
long-term incentive grants financial
"provides for long-term incentive grants of $650,000 in March 2027 and $800,000 in March 2028"
consulting agreement financial
"the Company and Ms. McWatters entered into a consulting agreement effective July 1, 2026"
equity awards financial
"Under the agreement, Ms. McWatters' outstanding equity awards continue to vest on their existing schedules"
Equity awards are payments to employees or directors made in the form of company stock or rights to buy stock later, serving as a way to share ownership rather than cash. For investors, they matter because they align staff incentives with company performance, can increase the number of shares outstanding over time (which can reduce each share’s claim on profits), and create compensation costs that affect reported earnings.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 26, 2026, the Boards of Directors of Delek US Holdings, Inc. (the “Company”) and the general partner of Delek Logistics Partners, LP (the “Partnership”) approved changes to certain executive officer titles and roles, effective as of July 1, 2026. Mark Hobbs, the Company’s Executive Vice President and Chief Financial Officer, was appointed the Executive Vice President, Logistics, for both the Company and the general partner of Delek Logistics Partners, LP (the “Partnership”). Robert Wright, formerly the Company’s Executive Vice President, Deputy Chief Financial Officer, was appointed the Company’s Chief Financial Officer in place of Mr. Hobbs; Mr. Wright will remain the Chief Financial Officer of the Partnership. Reuven Spiegel will continue in his role as Executive Vice President, Special Projects, for the Company. Additionally, Mohit Bhardwaj, formerly Executive Vice President, Strategy, Business Development & Investor Relations, was appointed Executive Vice President, New Energy, Strategy & IR for the Company and the Partnership, leading the Company’s New Energy Business in addition to his existing responsibilities.
In connection with the executive management changes, the Company amended certain executive employment agreements. The Company entered into a First Amendment to the Executive Employment Agreement with Robert Wright which changes Mr. Wright's annual base salary from $500,000 to $540,000, changes his annual bonus target from 75% to 90% of base salary, and provides for long-term incentive grants of $650,000 in March 2027 and $800,000 in March 2028.
The Company entered into a Fifth Amendment to the Executive Employment Agreement with Reuven Spiegel, which extends his employment term through December 31, 2027.
Effective July 1, 2026, the Board appointed Misty Lavender to succeed Denise McWatters as Executive Vice President, General Counsel and Corporate Secretary of the Company and the general partner of the Partnership. Upon the expiration of her employment agreement on June 30, 2026, Ms. McWatters will transition to a consulting role.
In connection with her transition, the Company and Ms. McWatters entered into a consulting agreement effective July 1, 2026. The agreement provides for a two-year term ending June 30, 2028, annual compensation of $250,000, and termination by either party on 30 days' notice. Under the agreement, Ms. McWatters' outstanding equity awards continue to vest on their existing schedules (no new equity awards are provided). The foregoing description of the consulting agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the consulting agreement, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarterly period ending June 30, 2026.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: July 2, 2026 | DELEK US HOLDINGS, INC. | ||||
/s/ Robert Wright | |||||
Name: Robert Wright | |||||
Title: Executive Vice President and Chief Financial Officer | |||||
Dated: July 2, 2026 | DELEK LOGISTICS PARTNERS, LP | ||||
By: Delek Logistics GP, LLC | |||||
its general partner | |||||
/s/ Robert Wright | |||||
Name: Robert Wright | |||||
Title: Executive Vice President and Chief Financial Officer | |||||
FAQ
What executive leadership changes were announced by Delek Logistics (DKL)?
Delek named Robert Wright as Chief Financial Officer of Delek US, while he remains CFO of Delek Logistics. Mark Hobbs shifts to Executive Vice President, Logistics for both entities, and Mohit Bhardwaj expands into New Energy, Strategy & Investor Relations leadership.
How is Robert Wright’s compensation changing at Delek US and Delek Logistics (DKL)?
Robert Wright’s annual base salary rises from $500,000 to $540,000 and his bonus target moves from 75% to 90% of base salary. He is also scheduled to receive long-term incentive grants of $650,000 in March 2027 and $800,000 in March 2028.
Who will serve as General Counsel for Delek Logistics (DKL) after June 2026?
Effective July 1, 2026, Misty Lavender becomes Executive Vice President, General Counsel and Corporate Secretary for Delek US and the partnership’s general partner. She succeeds Denise McWatters, whose employment agreement expires June 30, 2026, after which McWatters moves into a consulting role.
What are the terms of Denise McWatters’ consulting agreement with Delek?
Denise McWatters’ consulting agreement runs from July 1, 2026, through June 30, 2028, with annual compensation of $250,000. Either party may terminate the agreement on 30 days’ notice, and her existing equity awards continue to vest on their original schedules without new awards.
How long is Reuven Spiegel expected to remain with Delek Logistics (DKL)?
Reuven Spiegel will continue as Executive Vice President, Special Projects under an amended employment agreement extending his term through December 31, 2027. This extension is part of the broader executive management changes approved by the Boards on June 26, 2026.
What new responsibilities does Mohit Bhardwaj have at Delek Logistics (DKL)?
Mohit Bhardwaj becomes Executive Vice President, New Energy, Strategy & IR for Delek and the partnership. He will lead the company’s New Energy business while maintaining his responsibilities for strategy, business development and investor relations across both organizations.