HF Sinclair Corporation (NYSE: DINO) announced on February 27, 2026 that its Chief Financial Officer, Atanas Atanasov, has taken a voluntary leave of absence from his duties. The board of directors received Atanasov’s request on February 24, 2026, after an internal review of the company’s 2025 disclosure processes was initiated on January 26, 2026. The review was prompted by concerns that the CEO’s actions had created an unfavorable “tone at the top,” a concern that the audit committee later found to be unfounded but that led the board to scrutinize the CFO’s conduct as well.
The company appointed Vivek Garg as interim CFO and Franklin Myers as interim CEO to maintain continuity in leadership. The leave and interim appointments have heightened governance concerns and contributed to a delay in filing the company’s 10‑K for the fiscal year ended December 31, 2025, as the audit committee’s review remains ongoing.
HF Sinclair’s fourth‑quarter 2025 results provide context for the leadership change. The company reported a net loss of $28 million, a dramatic improvement from the $214 million loss in the same quarter of 2024. On an adjusted basis, the company earned $221 million, or $1.20 per diluted share, beating the consensus estimate of $0.83 by $0.37. Revenue reached $6.46 billion, surpassing the $6.19 billion estimate. The strong performance was largely driven by a $313 million boost to refining gross margin from small‑refinery RIN waivers, which also added $485 million to the full‑year margin and $280 million in cash benefit.
Segment performance highlights the mix that underpinned the results. Refining generated an adjusted EBITDA of $403 million, while the Marketing segment produced $22 million. The company’s Midstream and Marketing businesses posted record annual EBITDA, with Marketing EBITDA up 37% from the prior record. Headwinds included seasonal weakness in refining cracks, a Puget Sound refinery turnaround, and an unplanned event at the Artesia refinery, all of which weighed on the quarter’s results.
Management’s commentary clarifies the focus of the review. The audit committee stated that the actions referenced did not create an unfavorable “tone at the top” and that disclosure controls remain effective. Atanasov’s request for leave was made after the board discussed concerns about his conduct during the review. The company’s leadership uncertainty has drawn investor attention, underscoring the importance of robust governance and transparent reporting processes.
The CFO’s voluntary leave, coupled with the CEO’s earlier departure, signals a period of transition that could impact the company’s financial oversight and reporting timelines. Investors and analysts will be watching for the resolution of the disclosure review, the completion of the 10‑K filing, and the performance of the interim leadership team as the company navigates these governance challenges.
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