Marathon Petroleum Plans to Spin Off Gas Stations, May Shake Up Leaders

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Oil refiner Marathon Petroleum Corp. is preparing to spin off its gas-station chain and considering shaking up its executive leadership to appease activist shareholders, including Elliott Management Corp., according to people familiar with the matter.

As part of a truce with Elliott, Marathon’s board is discussing changes, including a spinoff of its sprawling gas-station operation and potentially replacing Chairman and CEO Gary Heminger and other executives, the people said. The situation is fluid, and the company, which is…