Robert Chumley - SVP & Chief Digital Officer | Murphy USA (MUSA) Executive Profile & Compensation

About Robert Chumley

Robert J. Chumley is Senior Vice President and Chief Digital Officer (CDO) at Murphy USA (MUSA), serving as CDO since June 2022 and previously SVP, Merchandising & Marketing from September 2016. He holds a B.Eng. from the Royal Military College of Canada, served as a commissioned officer in the Royal Canadian Navy, and earned an MBA from Dalhousie University. Age 60 is disclosed in the company’s executive officer bios. Company performance context: Murphy USA’s three-year annualized TSR to 12/31/2024 was 38.8%, with 2024 Adjusted EBITDA of $1,006.8 million used as a central compensation measure. Annual incentives for 2024 paid at 54.1% of target; PSUs for the 2022–2024 cycle vested at 200% based on ROACE and relative TSR outcomes .

Past Roles

Organization	Role	Years	Strategic Impact
Murphy USA	SVP, Merchandising & Marketing	Sep 2016 – Jun 2022	Led merchandising and marketing; focus on loyalty, digital marketing, promotional programs supporting retail ops .
7‑Eleven	SVP, Innovation; VP Merchandising; Senior Product Director	Various (pre‑2016)	Innovation leadership (7Ventures), merchandising; consumer proposition development .
Procter & Gamble; Coca‑Cola; Kellogg’s; Gillette	Sales & Marketing leadership roles	Various	CPG commercial leadership, category strategy, brand execution .

External Roles

Organization	Role	Years	Strategic Impact
Royal Canadian Navy	Commissioned Officer	Not disclosed	Leadership and operations experience (post‑graduation) .

Fixed Compensation

Metric	2022	2023	2024
Base Salary ($)	$454,167	$468,750	$469,174
Target Bonus (% of Salary)	70%	70%	70%
Actual Annual Bonus ($)	$496,904	$421,313	$177,676

Performance Compensation

Annual Incentive Plan (AIP) – 2024 Corporate Scorecard

Metric	Weight (%)	Threshold	Target	Max	Actual	Payout % of Target	Weighted Score (%)
Adjusted EBITDA ($MM)	40	1,000.0	1,100.0	1,200.0	1,006.8	53.4	21.4
Fuel Volume (K‑gal APSM)	20	239.3	244.0	248.3	240.6	64.1	12.8
Fuel Contribution ($MM)	10	1,395.0	1,580.0	1,615.0	1,469.7	70.2	7.0
Merchandise Contribution ($MM)	15	850.0	870.0	890.0	833.7	0.0	0.0
Coverage Ratio (%)	15	95.0	96.8	98.6	96.3	86.1	12.9
Total	100	—	—	—	—	—	54.1

AIP Outcomes – Chumley

Metric	2023	2024
AIP % Achieved (Corporate)	128.4%	54.1%
Actual Bonus Paid ($)	$421,313	$177,676

Long‑Term Incentives – Design and 2024 Grants

Element	Weight	Term/Vesting	Performance Conditions	2024 Grant (Chumley)
Stock Options	25%	7 years; 50% vests at 2 years, 50% at 3 years	Inherent (value only if stock appreciates)	1,300 options @ $391.54; grant date 02/14/24; fair value $174,083
RSUs	25%	Cliff vest at 3 years	Inherent alignment to share price	450 RSUs; fair value $176,193; grant date 02/14/24
PSUs	50%	Cliff vest after 3 years upon certification	50% ROACE; 50% relative TSR vs peer group; payout 50–200%	Target 900 PSUs (threshold 450, max 1,800); fair value $432,504; grant date 02/14/24

PSU Cycle	Metric	Weight	Threshold	Target	Max	Actual	Earned %
2022–2024	ROACE (%)	50	13.0	14.5	16.0	27.1	200%
2022–2024	Relative TSR (Percentile)	50	25th	50th	75th	94.1	200%
Total	—	100	—	—	—	—	200%

Equity Ownership & Alignment

Beneficial Ownership

As of	Shares Beneficially Owned (Total)	Notes
03/11/2024 (record date)	12,148	6,448 personal; 5,700 equity awards that may settle within 60 days
03/04/2025 (record date)	9,701	Personal with full voting and investment power

Ownership as % of shares outstanding: 9,701 / 19,794,836 ≈ 0.049% based on record date shares outstanding .
Stock ownership guidelines: SVPs required to hold 2× salary; officers had met or were on track by 12/31/2024 .
Pledging/Hedging: No pledging by directors/executives as of 12/31/2024; hedging prohibited by policy .

Outstanding Equity (as of 12/31/2024)

Category	Quantity	Market/Terms
Options unexercisable	1,300 (02/14/24 @ $391.54); 1,700 (02/08/23 @ $263.48); 1,300 (02/09/22 @ $181.18)	7‑year life; standard vest schedule
RSUs unvested	452 (2024); 555 (2023); 761 (2022)	Market value $226,791; $278,471; $381,832 respectively at $501.75 close
PSUs outstanding (at max)	1,808 (2024); 2,220 (2023); 3,042 (2022 earned)	Market/payout values $907,164; $1,113,885; $1,526,324

Exercises/Vesting Activity

Year	Options Exercised (#)	Value Realized ($)	Shares Vested (#)	Value Realized ($)
2023	6,700	$1,446,128	6,335	$1,656,844
2024	15,100	$4,970,911	5,593	$2,192,311

Deferred Compensation (SERP)

Year	Exec Contributions ($)	Company Contributions ($)	Earnings ($)	Aggregate Balance ($)
2024	$64,685	$52,220	$85,560	$1,018,901
2023	$89,007	$43,738	$96,766	$791,475

Employment Terms

Employment agreements: Company discloses no employment/CIC agreements for NEOs other than the CEO; equity awards follow plan terms (modified double‑trigger CIC treatment for grants in 2023+, target vesting for pre‑2023 awards) .
Termination/CIC economics (estimated at 12/31/2024):
- Change of Control with Qualified Termination: Full‑value awards $2,660,087; stock options $965,073; AIP non‑equity compensation $177,676 .
- Change of Control (no qualified termination): Full‑value awards $1,144,776; stock options $416,741; AIP non‑equity compensation $177,676 .
- Death/Disability: Full‑value awards $2,112,209; stock options $548,332; AIP non‑equity compensation $177,676 .
- Termination without cause: Full‑value awards $247,363; stock options $—; AIP non‑equity compensation $177,676 .

Scenario	Severance (cash)	Non‑Equity Compensation ($)	Full Value Awards ($)	Stock Options ($)
CIC (no QT)	—	177,676	1,144,776	416,741
CIC + Qualified Termination	—	177,676	2,660,087	965,073
Death/Disability	—	177,676	2,112,209	548,332
Termination without cause	—	177,676	247,363	—

Clawbacks: Dodd‑Frank mandated clawback adopted Aug 2023; supplemental misconduct clawback; SOX clawbacks for CEO/CFO .
Perquisites: 2024 “All Other Compensation” total $101,850 for Chumley, including company contributions to DC plans ($95,453), term life ($636), and other $5,761 (supplemental insurance, gift matching, executive physicals) .
Related‑party transactions: Company reports none involving executive officers in 2024 .
Insider trading policy: Maintained; filed as 10‑K exhibit; compliance with NYSE standards .

Additional Executive Biography Details

Attribute	Detail
Current role	SVP & CDO since June 2022 .
Age	60 (executive officer bios) .
Education	B.Eng., Royal Military College of Canada; MBA, Dalhousie University .
Prior employers	7‑Eleven (SVP Innovation, VP Merchandising, Senior Product Director); Procter & Gamble; Coca‑Cola; Kellogg’s; Gillette .

Investment Implications

Pay‑for‑performance alignment: Chumley’s variable compensation is highly leveraged to companywide EBITDA, fuel volumes/margins, and coverage ratio; his 2024 bonus reduction (to 54.1% of target) mirrors softer merchandise contribution and near‑threshold EBITDA outcomes, indicating disciplined payout governance .
Equity exposure and selling pressure: Significant option exercises in 2024 ($4.97M value) and recurring vesting ($2.19M value) can create periodic supply from tax withholding/sales, though pledging is prohibited and no hedging is allowed; monitor Form 4s around vesting windows for trading signal risk .
Long‑term incentive upside: PSUs tied to ROACE and relative TSR have historically paid at max (200%) for completed cycles, amplifying realized pay in periods of strong stock performance; ongoing grants (2023–2025, 2024–2026 cycles) sustain alignment with multi‑year value creation .
Retention/Severance risk: No individual employment/CIC agreement for Chumley; equity accelerates per plan terms with a modified double‑trigger under CIC for 2023+ grants, reducing optionality for single‑trigger payouts and mitigating windfall risk; estimated CIC+qualified termination values are material but driven by equity, not fixed severance multiples .
Ownership alignment: Direct beneficial ownership and compliance with 2× salary ownership guidelines, plus prohibition on pledging, point to solid alignment; beneficial ownership remains <1% of float, typical for non‑CEO NEOs .