Atanas Atanasov
About Atanas Atanasov
Atanas H. Atanasov is Executive Vice President and Chief Financial Officer of HF Sinclair (DINO), serving since September 2022. He is 51 and a registered Certified Public Accountant, with prior CFO roles at Lummus Technology, Kraton Corporation, Empire Petroleum Partners, and senior finance leadership at NGL Energy Partners and GE Capital . Company performance during his tenure has been mixed: 2024 net income was ~$177 million with operating cash flow of ~$1.1 billion versus 2023 net income ~$1.6 billion and operating cash flow ~$2.3 billion . Total shareholder return (value of $100 initial investment) was $81 in 2024 vs $123 in 2023 and $111 in 2022, while the Incentive Peer Group was $173 in 2024 vs $188 in 2023 and $154 in 2022 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lummus Technology LLC | Chief Financial Officer | Apr 2022–Sep 2022 | Led finance for global chemical technologies business . |
| Kraton Corporation (NYSE) | EVP, CFO & Treasurer | May 2019–Mar 2022 | Drove finance through sale to DL Holdings; specialty chemicals platform . |
| Empire Petroleum Partners, LLC | Chief Financial Officer | Feb 2016–May 2019 | Finance leadership for fuels distributor . |
| NGL Energy Partners LP (NYSE) | EVP, CFO & Treasurer; SVP Finance & Treasurer; VP & Treasurer | Nov 2011–Feb 2016 | Led treasury/finance for MLP; capital markets readiness . |
| GE Capital | Finance roles of increasing responsibility | Jan 2003–Nov 2011 | Corporate finance and risk discipline . |
External Roles
Skip—no external board roles disclosed for Atanasov.
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $152,308 | $600,000 | $680,192 (paid) |
| Base Salary (rate, effective) | — | — | $675,000 (effective Jan 1, 2024) |
| Target Bonus (% of Salary) | N/A (joined last day of period) | 90% | 90% |
| Actual Annual Bonus Paid ($) | — | $793,612 | $799,747 |
Performance Compensation
| Component | Design | Weighting | Targets | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Incentive – Financial | Segment EBITDA vs cumulative target; Available Free Cash Flow | 40% (CFO) | EBITDA: T=$2,580mm; Th=$1,593mm; Max≥$3,568mm. FCF: T=$1,442mm; Th=$1,242mm; Max≥$1,642mm | EBITDA actual $1,648.8mm (52.82% of target); FCF $1,992.8mm (200%); blended financial achievement 126% | Cash paid after fiscal-year determination . |
| Annual Incentive – Operational | ESG (Safety/Env/GHG), Reliability, OpEx vs Budget across segments | 45% (CFO) | Quarterly site metrics and segment aggregation | Segment achievements (Refining/Renewables/L&S): e.g., Safety 96.4%/250.0%/158.3%; Process Safety 114.3%/250.0%/183.3%; Environmental 98.2%/250.0%/204.2%; Reliability 200.0%/25.0%/200.0% | Cash paid after fiscal-year determination . |
| Annual Incentive – Strategic & Individual | Role-specific objectives | 15% (CFO) | Financial stewardship, planning/analysis, strategic initiatives | CFO achieved 125% of target for this component | Cash paid after fiscal-year determination . |
| RSUs (Time-based) | Equity award – time-based | 50% of 2024 LTIP grant for CFO | 21,684 RSUs granted for FY2024 | First tranche vested Dec 2, 2024 | Vests in 3 equal annual installments on Dec 1, 2024/2025/2026 . |
| PSUs (ROCE/TSR) | Equity award – performance-based (3-year) | 50% of 2024 LTIP grant for CFO | ROCE and TSR vs Incentive Peer Group (CVR, Delek, Marathon, PBF, Phillips 66, Valero) | Payout 25–200% based on percentile ranks; average of ROCE and TSR | Performance period Oct 1, 2023–Sep 30, 2026; service date Dec 1, 2026 . |
Equity Awards – Recent Grants (Counts and Fair Values)
| Grant | RSUs (#) | PSUs (Target #) | Target Grant Value ($) | Notes |
|---|---|---|---|---|
| FY2024 awards (granted Nov 2023) | 21,684 | 21,684 | $2,350,000 | RSUs vest Dec 1 2024/25/26; PSUs performance to Sep 30, 2026; service date Dec 1, 2026 . |
| FY2025 awards (granted Nov 2024) | 30,309 | 30,309 | $2,550,000 | RSUs vest Dec 1 2025/26/27; PSUs performance to Sep 30, 2027; service date Dec 1, 2027 . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (shares) | 28,840 shares as of record date (188,407,394 shares outstanding) . |
| Ownership % | Executives individually (and as a group) do not own more than 1.0% of outstanding shares . |
| Unvested RSUs (12/31/2024) | 50,087 RSUs; market value $1,755,549 at $35.05/share . |
| Unearned PSUs (at max) | 135,918 PSUs; payout value $4,763,926 at $35.05/share if max achieved . |
| Stock Options | Company does not grant options; no option exercises/holdings . |
| Stock Ownership Guidelines | CFO required to hold 3x base salary; compliance required within 5 years; all NEOs compliant or within transition period as of 12/31/2024 . |
| Anti-Hedging/Pledging | Hedging and pledging prohibited for employees and directors ; no pledged shares disclosed for NEOs . |
| Deferred Compensation | 2024 contributions: $88,312 (executive) and $101,418 (company); aggregate balance $403,318 . |
Employment Terms
| Provision | Detail |
|---|---|
| Employment Agreement | None; executives are not party to employment agreements . |
| Severance Pay Plan (non-CIC) | Other NEOs: 100% base salary + 100% target bonus; CEO: 200% base + 100% target bonus; plus 12 months COBRA at active rates . |
| Change-in-Control (CIC) | Double trigger required; CFO severance multiple = 2.0x (base + average bonus over prior 3 years) . Includes unpaid salary/expenses, 1 year medical/dental continuation, and immediate vesting of outstanding equity at target unless award agreements provide otherwise . |
| CIC Definitions/Covenants | Detailed change-in-control, cause, good reason; release, confidentiality, non-disparagement, and non-solicitation covenants . |
| Clawbacks | Mandatory Dodd-Frank policy (restatement recoupment for last 3 completed fiscal years; “no fault”); discretionary misconduct policy allows recoupment/forfeiture of incentive compensation up to 24 months . |
| Tax Gross-ups | No excise tax gross-up provisions in CIC agreements; Section 280G excess parachute payments not deductible by company . |
| Perquisites | Annual perquisite allowance ($15,000); 2024 CFO perqs totaled $15,485 (incl. reserved parking) . |
Multi-Year Compensation Summary (NEO—CFO)
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Salary ($) | $152,308 | $600,000 | $680,192 |
| Stock Awards ($) | $2,418,223 | $2,482,877 | $2,583,351 |
| Non-Equity Incentive Comp ($) | — | $793,612 | $799,747 |
| All Other Compensation ($) | $60,334 | $224,278 | $152,953 |
| Total ($) | $2,930,865 | $4,101,151 | $4,216,243 |
Performance Outcomes and Company KPIs
| Metric | FY 2023 Actual | FY 2024 Actual |
|---|---|---|
| Net Income ($mm) | ~$1,600 | ~$177 |
| Operating Cash Flow ($mm) | ~$2,300 | ~$1,100 |
| AICP Financial Metric (EBITDA) | $3,897.5mm; 200% payout | $1,648.8mm; 52.82% payout |
| AICP Financial Metric (Free Cash Flow) | $2,212.3mm; 200% payout | $1,992.8mm; 200% payout |
| TSR – Value of $100 Investment | $123 (DINO) vs $188 (Peer) | $81 (DINO) vs $173 (Peer) |
Track Record, Execution, and Signals
- Capital allocation and disclosure: Atanasov frequently signs 8-Ks and investor materials, including press releases, debt tender/notes offerings, investor presentations, and privately negotiated repurchases from REH, reflecting stewardship of capital markets and IR cadence .
- Shareholder-friendly pay practices: No employment agreements; double-trigger CIC; strong clawbacks; anti-hedging/pledging; significant equity mix with ROCE/TSR-based PSUs; say-on-pay supported (~96% approval) .
- Vesting calendar and potential supply: CFO has RSUs vesting annually on Dec 1, 2025 and 2026 and PSUs with service dates Dec 1, 2026 and Dec 1, 2027; monitor around these dates for potential selling pressure .
Investment Implications
- Alignment and pay-for-performance: CFO’s pay is heavily at-risk with balanced RSU/PSU mix, PSUs tied to ROCE and relative TSR versus direct refining peers, and an annual plan that blends cash flow, EBITDA, operational ESG/reliability, and expense control—factors that directly influence equity value and free cash generation .
- Retention and change-in-control economics: Double-trigger CIC with a 2.0x multiple for the CFO plus accelerated vesting at target and 12 months benefits implies robust retention while limiting windfalls; no tax gross-ups reduce governance risk .
- Ownership and trading signals: Beneficial ownership is modest (typical for large-caps) and pledging/hedging is prohibited; monitor Form 4s near December vesting dates and earnings windows to gauge selling pressure, considering large unvested RSU/PSU balances .
- Performance context: 2024 results were softer versus 2023 (lower net income and operating cash flow) and TSR underperformed the peer group; the incentive framework’s emphasis on FCF and ROCE/TSR should push continued capital discipline and operational reliability improvements .