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Report: 2 executives leave PES as financial struggles persist

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Report: 2 executives leave PES as financial struggles persist

Two senior executives of Philadelphia Energy Solutions Inc. have left the company amid a broader management overhaul and ongoing financial struggles, Reuters reported March 20, citing three sources familiar with the matter.

The sources told Reuters that Philadelphia Energy Solutions, or PES, President and COO Thomas Scargle and Chief Commercial Officer John Sadlowski have left the firm.

PES spokeswoman Cherice Corley in an email to Reuters confirmed that Scargle will retire and Sadlowski chose to leave the company. However, the spokeswoman declined to provide any other details.

As reported previously, PES saw its cash balance slip by approximately 41%, or $61.1 million, in the fourth quarter of 2018.