Sunoco Shifts Strategy: Ousts CEO, Raises Dividend

[Stocks-to-Watch]

Sunoco (SUN) is trading 2% higher after hours after announcing that it will change its strategy, replacing its CEO, raising its dividend and buying back shares and debt. In addition, the company will focus on its logistics and retail business and exit manufacturing operations.

CEO Lynn Eisenhans will be replaced by CFO Brian MacDonald.

“Brian MacDonald is a superb executive who is the ideal leader for Sunoco as we move from a manufacturing to a logistics and retail focus,” said Presiding Director John Jones in a statement.

The dividend will increase 33% to 20 cents per share from 15 cents.



Original Article Source by Barrons.com