HF Sinclair Announces CEO’s Temporary Leave

HF Sinclair CEO Takes Voluntary Leave; Board Appoints Interim Leader as Audit Review Continues

HF Sinclair Corporation announced a significant leadership change after its Board of Directors accepted a request from Chief Executive Officer and President Tim Go to take a voluntary leave of absence from his duties. The decision, which was made during a special meeting of the Board on February 17, 2026, comes as the company’s Audit Committee continues a review of certain matters related to its disclosure processes.

The Board acted quickly to ensure continuity of leadership, electing current Chairperson Franklin Myers to serve as Chief Executive Officer and President on a temporary basis. The appointment is intended to provide stability during a period of internal review and to maintain the company’s operational and strategic momentum.

Interim Leadership and Board Actions

In accepting Tim Go’s request for a voluntary leave, the Board emphasized its commitment to ensuring effective oversight and continuity in executive leadership. Franklin Myers, who has been serving as Chairperson of the Board, brings extensive experience and familiarity with the company’s operations, governance structure, and long-term strategy. His appointment as interim CEO and President is designed to provide immediate leadership stability while the Board evaluates next steps.

Alongside this interim appointment, the Board has directed its Nominating, Governance and Social Responsibility Committee to initiate a process to determine the company’s future leadership structure. The committee has been tasked with reviewing all relevant options, including interim or permanent appointments, and recommending appropriate actions related to the CEO and President roles.

This structured approach reflects the Board’s intention to maintain transparency and good governance while ensuring that the company continues to operate effectively during the review period.

Audit Committee Review and Financial Reporting

The leadership announcement comes at the same time the company disclosed that its Audit Committee is assessing certain matters related to HF Sinclair’s disclosure processes. While the company has not provided detailed information about the scope of the review, it noted that the Audit Committee, along with other involved parties, is working diligently to complete the assessment as soon as possible.

Despite the ongoing review, HF Sinclair released its earnings for the 2025 fiscal year on an unaudited basis. The company indicated that it expects to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025, once the audit process is completed. At present, management expects that the filing will be made on time.

Issuing unaudited results while an internal review is underway is not uncommon, particularly when audit-related questions arise late in the reporting cycle. By providing preliminary financial information, the company aims to maintain transparency with investors while finalizing its audited results.

Focus on Governance and Transparency

The simultaneous announcement of a CEO leave of absence and an audit review places corporate governance at the center of HF Sinclair’s current priorities. The Board’s actions—appointing an interim CEO and initiating a formal review of leadership structure—indicate a proactive approach to oversight.

The decision to place the Chairperson in the interim executive role also reflects a common corporate governance practice, especially when a board member has significant experience and institutional knowledge. This approach can help ensure continuity while allowing the Board time to conduct a thorough review of both the audit matters and long-term leadership plans.

The Nominating, Governance and Social Responsibility Committee’s involvement signals that the Board intends to follow a structured and transparent process. Such committees typically oversee executive succession planning, board composition, and governance policies, making them well-suited to manage leadership transitions.

Operational Continuity

Despite the leadership change and audit review, HF Sinclair emphasized that its operations continue as normal. The company remains focused on producing and marketing refined petroleum products, renewable fuels, and specialty lubricants across its network of facilities.

Headquartered in Dallas, Texas, HF Sinclair is an independent energy company with a broad operational footprint. Its refining system includes facilities located in Kansas, Oklahoma, New Mexico, Wyoming, Washington, and Utah. These refineries produce high-value light products such as gasoline, diesel fuel, jet fuel, renewable diesel, and a variety of lubricants and specialty products.

In addition to refining operations, the company provides transportation, terminalling, storage, and throughput services for crude oil and refined products. These midstream capabilities support its refining system and also serve third-party customers across the petroleum industry.

HF Sinclair’s marketing operations are concentrated primarily in the Southwest United States and the Rocky Mountain region, extending into the Pacific Northwest and neighboring Plains states. Through its branded network, the company supplies fuel to more than 1,700 stations, while licensing the Sinclair brand to more than 350 additional locations across the country.

Renewable Diesel and Specialty Products

As part of its strategy to adapt to changing energy markets, HF Sinclair has invested in renewable fuels. The company produces renewable diesel at two facilities in Wyoming as well as at a facility in New Mexico. Renewable diesel is viewed as a lower-carbon alternative to traditional petroleum-based diesel and is increasingly in demand in certain regulatory markets.

Beyond fuels, subsidiaries of HF Sinclair produce and market base oils and specialized lubricants. These products are sold across the United States, Canada, and the Netherlands, with exports reaching more than 80 countries worldwide. The company’s specialty product segment provides diversification from traditional refining margins and exposure to industrial and automotive lubricant markets.

Market Context and Strategic Positioning

HF Sinclair operates in a refining industry that has experienced significant volatility in recent years. Refiners have benefited at times from strong margins driven by tight fuel supply, shifting demand patterns, and geopolitical disruptions. However, the sector also faces challenges related to environmental regulations, energy transition policies, and fluctuating crude oil prices.

In this environment, leadership stability and strong governance practices are critical. The Board’s swift response to the CEO’s request for a voluntary leave of absence reflects an effort to maintain confidence among investors, employees, and business partners.

The company’s diversified operations—including refining, renewable fuels, midstream services, and specialty lubricants—provide multiple revenue streams. This diversification can help cushion the impact of market swings in any one segment.

Investor Considerations

For investors, the key points from the announcement include:

The CEO’s voluntary leave of absence and interim appointment of the Board Chair as CEO and President.
An ongoing Audit Committee review related to disclosure processes.
The release of 2025 earnings on an unaudited basis.
Management’s expectation that the Form 10-K filing will be completed on time.

While leadership changes and audit reviews can introduce uncertainty, the company’s expectation of a timely annual report suggests that management does not anticipate a prolonged delay in its financial reporting.

Investors will likely watch for updates on three main areas in the coming weeks: