Dane Neumann has been promoted to CFO at Sugar Land-based CVR Energy. He was the VP of Finance and Treasury until he was appointed interim CFO in August following the departure of Tracy Jackson.
CVR operates two refineries in Kansas and Oklahoma as well as related pipelines and infrastructure. The company has a market capitalization of $1.9 billion, up $600 million since Ms. Jackson resigned. That’s because, in September, the Environmental Protection Agency (EPA) proposed big cuts to US biofuel blending requirements. This benefits oil refiners at the expense of farmers. Analysts speculate that CVR will re-instate regular dividends once the change is finalized.
Mr. Neumann joined CVR in June 2018 and also worked for Andeavor and its affiliates from March 2011 until June 2018. He will receive a base salary of $400,000.
The predecessor to Ms. Jackson was Susan Ball. She resigned last week from her position as the CFO of Team Inc.