The CFO of Delek US Holdings will step down from his position in early May when his contract with the oil refiner and marketer ends.
Assi Ginzburg started his second stint as CFO of Brentwood-based Delek last March; he also held the job from early 2013 until June 2017, when he turned the job over to Kevin Kremke and took responsibility for the company’s strategic planning work. He has been with Delek since early 2005 and was named an executive vice president in May 2009. He also has been CFO of Delek Logistics, the energy infrastructure master limited partnership controlled by Delek.
“Delek would not be what it is today without Assi’s invaluable contributions since joining the company,” said Uzi Yemin, the company’s chairman, president and CEO. “I wish Assi the best of luck as he has decided to pursue opportunities that will allow him to be closer to his family and I would like to thank his family for their support over the years.”
Ginzburg will on May 10 take over as CFO of Ormat Technologies, a Nevada-headquarterd geothermal energy company with about $750 million in annual revenues. There, current CFO Doron Blacher is preparing to take over from retiring CEO Isaac Angel.
Delek announced Ginzburg’s departure alongside fourth-quarter results that missed analysts’ forecasts. Adjusted for various one-time items, Delek reported a net loss of 11 cents per diluted share, well short of the Street’s expectations and the year-earlier $2.03 profit per share. The company handled a smaller volume of crude during the quarter and margins were hurt by a smaller price gap between West Texas Intermediate oil and the Brent Crude benchmark. In addition, the company’s logistics segment had to absorb more than $7 million in costs related to a spill.
On the positive side, Yemin said his team’s spending on capital projects will fall more than 20 percent this year to $325 million. In addition, the Delek board has voted to boost the company’s quarterly dividend payout by a penny to 31 cents.
Shares of Delek (Ticker: DK) were down nearly 10 percent to about $22.70 in midday trading Wednesday. They are now at the bottom of their 52-week range; their high for the past year is about $44.