(Citgo, 11.Feb.2020) — Citgo Petroleum Corporation announced the appointment of Jack Lynch as the company’s new Chief Compliance & Ethics Officer. Lynch will continue to serve as the Vice President of Legal & Government Affairs, a role he has held since October 2019. As Citgo’s new Chief Compliance & Ethics Officer, Jack will report directly to Chief Executive Officer Carlos Jordá as well as have direct reporting access to the Audit Committee of the Board of Directors.
This appointment comes after the Board’s thorough review of Citgo’s compliance systems and best industry practices in this area.
As Chief Compliance & Ethics Officer, Lynch will oversee all facets of Citgo’s existing compliance and ethics program. In particular, he will be responsible for overseeing Citgo’s Compliance Committee, periodically evaluating the effectiveness of Citgo’s compliance and ethics program, conducting risk assessments, monitoring and reporting compliance performance, promoting a culture of compliance and ethics, and the program’s training. Additionally, as the new Board continues to investigate allegations of misconduct under prior management, Lynch will be responsible for continuing to implement the Board’s recommendations for corrective action and compliance program improvements.
Prior to joining Citgo last year, Lynch was active in compliance and ethics as a consultant. He previously served eighteen years in various roles at British Petroleum (BP), including as the Global Compliance & Ethics Officer. While at BP, he also served as the Deputy Group General Counsel and U.S. General Counsel. In those roles, he oversaw BP’s response to the legal challenges it faced in the aftermath of Deepwater Horizon.
“Citgo’s operational success is only possible with a world-class compliance program, designed and implemented to hold ourselves to the highest ethical standards,” said Carlos Jordá, Chief Executive Officer of Citgo. “Jack’s leadership and substantial expertise in compliance and ethics is key in continuing our work to hold Citgo and all of its employees to the highest ethical standards.”
“As a Board, we have made strong corporate governance a critical cornerstone of our mandate,” said Citgo Board Chairwoman Luisa Palacios. “The company is committed to meeting and enhancing compliance and controls and we have already taken remedial action to make sure those standards are met. Jack’s knowledge of the complex compliance landscape, in addition to his impressive track record, is a tremendous benefit to the company’s operations and employees.”
“I’m honored to have the opportunity to build on Citgo’s historical successes,” said Lynch. “I look forward to working alongside my colleagues to examine and strengthen the company’s processes and procedures, as well as design new programs that advance our commitment to ethical conduct, compliance with law, and corporate governance.”
Upon its appointment last February, the Board of Citgo outlined three main objectives for the company: improving financial and operational stability; protecting assets; and enhancing corporate governance. Citgo has made significant progress in each of the three areas:
— Carlos Jordá, a refinery industry veteran with 45 years of experience in the downstream business, was appointed Chief Executive Officer after a thorough and extensive search process.
— Through a competitive process, Citgo engaged outside firms to conduct a thorough review of the company’s regulatory compliance system and a comprehensive audit. As a result of the audit and review, the Board decided unanimously to restructure the Vice Presidency of Shared Services and to eliminate the company’s shareholder procurement function.
— Under the leadership of the new Board, Citgo and Citgo Holding, Inc. completed a successful refinancing of 70 percent of the aggregate outstanding debt. As a result, Fitch Ratings upgraded the associated ratings of Citgo Holding, Inc. and reaffirmed the ratings of Citgo with a stable outlook.
— As recently as December the company reported strong operational performance, reporting an approximate 20,000 barrels per day (bpd) increase in refining capacity. This increase is just the second refinery capacity increase in 20 years. Citgo also had one of the best years in its history in terms of safety and environmental performance, which remain vital core values of the company.
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