Mark Hobbs

About Mark Hobbs

Mark Hobbs is Executive Vice President and Chief Financial Officer of Delek US Holdings (DK) since March 2025; he previously served as EVP, Corporate Development starting October 2022. He spent over a decade in investment banking, including Global Head of Downstream at Citigroup (2011–2025) and roles at UBS (Global Energy Group; Head of EMEA energy coverage 2009–2011), Morgan Stanley, and CS First Boston. He holds an undergraduate degree from the University of Texas at Austin and an MBA from Columbia Business School. These credentials position him as a capital-markets-oriented CFO with downstream M&A and portfolio optimization experience . During the periods immediately preceding his CFO appointment, DK disclosed mixed operating performance (2024 vs 2023) and highlighted portfolio actions (midstream acquisitions and retail divestiture) tied to its “Sum of the Parts” strategy .

DK performance context (companywide, not specific to Hobbs):

Notable timeline confirmations: Hobbs signed multiple 8-Ks as EVP & CFO in 2025 (e.g., April 4, May 1, May 7, August 6, October 29, November 7) .

Past Roles

External Roles

No public company board service or committee roles for Hobbs were disclosed in the 2025 proxy or subsequent 8-Ks. If any exist, they were not reported in the cited filings .

Fixed Compensation

• No specific base salary, target bonus percentage, or perquisites for Hobbs were disclosed in the 2025 proxy or subsequent 8‑Ks. Hobbs was not listed among the 2024 named executive officers in the Summary Compensation Table; DK disclosed compensation details for CEO Soreq, former CFO Spiegel, and other NEOs but not for Hobbs .

Performance Compensation

2024 Annual Incentive Plan (AIP) – Company design and outcome

• Design (applies to executive officers; 2024 plan context): Weighted metrics included EBITDA (40%), Fixed Opex & G&A (15%), Solomon Availability (15%), safety and environmental metrics (~20% combined), and sustainability/human capital (~5%), plus a +/-35% “Sum of the Parts” (SOTP) strategy modifier .
• Outcome: 2024 Adjusted EBITDA did not meet the threshold ($550MM), resulting in no achievement under the performance metrics; the compensation committee then applied the SOTP modifier based on strategic achievements (midstream acquisitions of H2O Midstream and Gravity, and retail divestiture/financing actions), which led to bonus payouts recorded in the “Bonus” column for NEOs in 2024 .

AIP structure and targets (companywide, 2024):

Notes: For 2024, the NEO Bonus column reflects SOTP-based payouts despite no performance-metric achievement, highlighting committee emphasis on strategic execution during a year of under-threshold EBITDA .

Long-Term Incentives (LTI) – Program structure (companywide)

• Mix: 50% time-vesting RSUs (split between DK and DKL units) and 50% PSUs .
• RSUs: Vest quarterly over three years .
• PSUs: Earned on Relative TSR versus 24 S&P 400 Energy Index companies in four tranches (three one-year periods: 2024, 2025, 2026; and one three-year period: 2024–2026); earned PSUs vest at end of the three-year period .
• Enterprise Optimization Plan (EOP): Equity-based plan implemented October 2024 with cost-reduction targets measured on a run-rate basis over Q3–Q4 2025; intended to motivate and reward cost reductions during the performance window .

Note: Specific 2025 LTI grants or PSU targets/payouts for Hobbs were not disclosed in the 2025 proxy; DK also codifies equity grant timing (10th day of the third month of each quarter) to avoid timing around MNPI .

Equity Ownership & Alignment

• Stock ownership guidelines: CEO 5x base salary; other executive officers (incl. CFO) 2x base salary; non-employee directors 3x annual retainer; five years to comply; DK reported all executive officers and non-employee directors were in compliance as of the proxy date .
• Hedging and pledging: Speculative transactions (short sales/derivatives) prohibited; pledging of DK stock prohibited since 2019 (grandfathered pledges allowed) .
• Trading controls: Insider trading policy with pre-approval for trades and 10b5‑1 plans; no trades within 90 days of plan adoption; blackout periods aligned with quarterly reporting .

Note: The proxy’s beneficial ownership tables did not list Hobbs individually for DK or DKL units as of February 21, 2025; NEOs and directors were presented, and Hobbs was not a 2024 NEO .

Employment Terms

• Employment agreement: The 2025 proxy enumerates written employment arrangements for CEO Soreq, Israel, and former CFO Spiegel; no specific employment agreement for Hobbs was disclosed in the proxy .
• Clawback: If DK restates financials within three years due to material noncompliance, the committee may claw back incentive compensation granted/earned/vested based on financial reporting measures; policy covers current/former employees including executive officers .
• Equity award practices: Awards generally granted on the 10th day of the third month of each quarter; DK does not time grants around MNPI .
• Non-compete/non-solicit: DK notes these provisions exist “in some instances” for executives with employment arrangements; specific terms for Hobbs not disclosed .

Performance & Track Record

• Strategic actions recognized under 2024 AIP SOTP: DK highlighted execution of midstream acquisitions (H2O Midstream and Gravity), sale of retail operations for $390.2MM, and capital raised as achievements assessed for the SOTP modifier .
• Operating results context: 2024 Adjusted EBITDA failed to meet threshold ($550MM), and DK posted a net loss of $536MM for 2024 versus positive NI and higher Adjusted EBITDA in 2023, informing the zero payout on core AIP metrics .

Governance, Peer Benchmarking, and Shareholder Feedback

• Pay philosophy and peer targeting: DK targets market median vs similarly sized energy/industrial companies; compensation emphasizes long-term incentives and performance linkage (including TSR and Adjusted EBITDA) .
• Say-on-pay: >95% support at 2024 annual meeting .
• Compensation committee independence and consultants: Independent committee; uses external compensation consultants for design, targets, and evaluation .

Investment Implications

• Alignment and retention: A 2x base-salary ownership guideline for the CFO, a robust clawback, hedging/pledging prohibitions, and tight 10b5‑1 controls support alignment and temper opportunistic selling risk—favorable for governance-minded investors .
• Incentive structure and signals: The 2024 zero payout on performance metrics alongside SOTP-based bonus payments indicates the committee’s willingness to prioritize strategic portfolio execution during cyclical downturns—important for assessing future discretionary outcomes under the AIP .
• Execution risk: Company disclosures show under-threshold EBITDA and negative net income in 2024 versus stronger 2023, emphasizing operational turnaround needs even as portfolio optimization continues; as a capital-markets/M&A-oriented CFO, Hobbs’ effectiveness will be judged on deleveraging, cost reductions (EOP through 2025), and returns on acquired assets .
• Disclosure watchouts: No FY2025 compensation detail for Hobbs was available in the 2025 proxy; monitor DK’s next proxy and any Item 5.02 8‑Ks for Hobbs’ salary/bonus targets, LTI grants, severance/CoC terms, and any Form 4 trading activity to refine pay-for-performance and selling-pressure assessments .