By Vallari Srivastava
Feb 27 (Reuters) – HF Sinclair said on Friday its audit committee had raised concerns about the actions of its top executives, leading to the finance chief taking a voluntary leave of absence a week after the chief executive officer took similar action.
Shares of the refiner fell 4% in morning trading.
The audit, conducted as part of an internal review to assess disclosure controls, found no issues with the company’s processes or financial reporting controls.
The company revealed the review began on January 26, after CFO Atanas Atanasov raised concerns about CEO Tim Go’s actions affecting the “tone at the top” regarding the 2025 disclosure processes.
The board developed separate concerns about Go’s approach in some communications to management during the disclosure process.
Subsequently, Go submitted a request to take a voluntary leave of absence on February 17.
During later stages of the review, the board developed concerns about Atanasov’s actions bearing upon the review process, following which he also requested a voluntary leave of absence earlier this week.
Shares of the company have fallen over 12% since Go stepped down as top boss last week.
HF Sinclair said it had completed the review and concluded that the actions taken by Go did not create an unfavorable tone in relation to the 2025 disclosure processes.
The company’s disclosure controls and procedures also remain effective, it added.
The U.S. refiner said it has named chief accounting officer Vivek Garg as the interim CFO. Franklin Myers currently serves as the interim CEO.
HF Sinclair said it expects to negotiate mutually agreeable separation arrangements with both Go and Atanasov.
Go was appointed as the CEO in 2023 and is also the president and a member of the board. Meanwhile, Atanasov joined the company in 2022 and has served as its finance chief since then.
(Reporting by Vallari Srivastava in Bengaluru; Editing by Vijay Kishore)
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