SPOTLIGHT ON THE CEO
10 Questions With Matthew C. Lucey, PBF Energy Inc.
In this issue of IR Update, we profile Matthew C. Lucey, President and Chief Executive Officer of PBF Energy Inc. He was promoted to this role in July 2023 after serving as President of PBF since 2015. Lucey joined PBF Energy’s predecessor company at its formation in 2008, serving as the company’s first Chief Financial Officer until 2014, when he became Executive Vice President. Thanks to Colin Murray, IRC, Vice President, Investor Relations at PBF Energy, for arranging this interview.
6 SUMME R 2 0 2 3 ■ IR UPDAT E
IRU: What is the most meaningful or memorable experience you’ve had in your career, and why? Lucey: Standing up PBF has been one of the most challenging, excit- ing and rewarding experiences in my professional career. On June 1, 2010, PBF Energy acquired the Delaware City refinery. To that point PBF consisted of fewer than a dozen employees who had been hired to analyze and pursue acquisition targets. After closing on our acquisition of Delaware City, which was shut
down at the time and had to be restored to operate, we had our sights set on two additional acquisitions, our Paulsboro refinery and our Toledo refinery, both of which we acquired in rapid succession. In less than 10 months, we transformed from a company with zero assets and just a handful of employees to one having three refineries with over 500,000 barrels per day of capacity and more than 1,500 employees in the field. During this time, we also established a headquarters organization
with requisite accounting and commercial IT functions. It was a lot of work but we had a lot of fun building a solid refining network and a company that was recently ranked #92 in the Fortune 500®.
IRU: How do you handle failure or setbacks, and what lessons have you learned from those experiences? Lucey: On February 1, 2020, while I was president of the company, we closed the largest acquisition in our history, approximately 45 days
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