Who is 'John G. Drosdick'

John G. Drosdick oversaw the restructuring of Sun Company into Sunoco. He served as chairman and CEO of the company from 2000 through 2008.

BREAKING DOWN 'John G. Drosdick'

John G. Drosdick became president of Sun Company in 1996, as the company began to divest its international petroleum exploration business. Drosdick oversaw further restructuring, including modernization of the company’s refineries. In 1998, Sun Company adopted the name of its longstanding motor oil brand, Sunoco. Drosdick became Sunoco's chairman, CEO and president in 2000 and pursued a diversification strategy intended to make the company more resistant to the petroleum industry’s typical business cycles. To that end, Sunoco purchased Aristech Chemical Corporation at a low valuation from Mitsubishi. Since petrochemical profits tend to move in opposition to gasoline prices, Drosdick saw this expansion as something of a long-term hedge for the company’s profits.

In 2004, Sunoco became the official fuel of NASCAR, extending the brand’s reach. The company also continued to buy up gas stations and convenience stores, developing a steady income stream from retail sales to complement its refinery operations. Major purchases included the Coastal Mart chain in the eastern United States in 2000 and 193 Speedway SuperAmerica stores across the southeast United States in 2003.

Drosdick retired at the end of 2008, when Lynn Laverty Elsenhans succeded him as CEO. That year, Sunoco’s diverse non-refining portfolio earned a record $427 million.

Biography of John G. Drosdick

Born in 1943 in Pennsylvania, Drosdick earned his undergraduate degree in chemical engineering from Villanova University in Villanova, Pennsylvania, then completed his master's degree in chemical engineering at the University of Massachusetts in 1968. He began his career as an engineer with Exxon that same year. In 1983 he joined Tosco Corp. as its vice president of refining, eventually becoming CEO and president in 1989. He then worked as president and COO at Ultramar from 1992 to 1996 before joining Sun Company.

Drosdick has held board positions or directorships at a number of entities, including Triumph Group, United States Steel Corporation, Lincoln National Corporation, GE Betz, Inc. and Hawk Acquisition Intermediate Corporation, formerly known as H.J. Heinz Company. He also has served on the board of trustees for the Philadelphia Museum of Art and the Kimmel Center for the Performing Arts.

From 2001 through 2008, Drosdick served as chair of the board of trustees at Villanova University. In 2014, he committed to donating $2.5 million to Villanova to fund a new lab in the Center for Engineering Education and Research.

RELATED TERMS
  1. Financial Engineering

    Financial engineering is the use of mathematical techniques to ...
  2. Morris Chang

    The founder, chairman and CEO of Taiwan Semiconductor Manufacturing ...
  3. David F. D'Alessandro

    A former CEO, chairman and president of John Hancock Financial ...
  4. Michael Bloomberg

    Michael Bloomberg is one of the wealthiest persons in the world ...
  5. John T. Dillon

    A former president, chairman and CEO of International Paper Co., ...
  6. Board of Trustees

    A board of trustees is an appointed or elected group of individuals ...
Related Articles
  1. Investing

    Energy Transfer Sends More Gas Stations to Sunoco (ETP, SUN)

    Energy Transfer Partners (NYSE: ETP) is sending a second helping of its retail gasoline business to affiliate Sunoco L.P. (NYSE: SUN) as the pair collaborate to create two distinct strategically ...
  2. Personal Finance

    The Highest-Paying Engineering Careers

    Learn more about some of the highest-paying jobs in field of engineering. With just a bachelor's degree, most engineers in these jobs make well over $100,000.
  3. Investing

    4 Degrees Most Oil Companies Are Looking For

    Find out which four degrees oil companies want to see on the resumes of new hires, and find out why the industry still pursues these graduates.
  4. Personal Finance

    4 Of Today’s Finance Undergraduates Share Their Experiences And Advice

    In this article, we'll take a look at what four real-life finance students are studying this fall, what jobs and internships they've held, what challenges they've encountered, and what they consider ...
  5. Personal Finance

    How Launch My Career Colorado Works

    Colorado has introduced a free, online tool to help students find the right career.
  6. Personal Finance

    Here's Where Investment Banks Are Recruiting (GS, C)

    The question of "Where do investment banks recruit?" is best answered through an analysis of the top schools where investment banks search for new talent.
  7. Investing

    Dakota Access Pipeline Partners to Merge (ETP, SXL)

    Sunoco Logistics Partners agrees to merge with Energy Transfer Partners in a unit-for-unit transaction designed to strengthen their balance sheets.
  8. Personal Finance

    Looking for a Tuition-Free College? Move Abroad

    College tuition abroad is free in some cases, allowing students to get a debt-free jump on life. But you might need to brush up on your German.
  9. Personal Finance

    3 High-Paying Academic Jobs With Good Pensions

    Find out which academic posts have the most attractive salaries and benefits, and why college faculty and staff tend to survive economic downturns.
  10. Managing Wealth

    The Path to Becoming a CEO

    Think you have what it takes to be chief executive? Find out what those at the top have in common.
RELATED FAQS
  1. What is Tim Cook's career and educational background? (AAPL)

    Discover where Tim Cook studied and worked before joining Apple and what roles he played in the company before taking over ... Read Answer >>
Hot Definitions
  1. Return On Equity - ROE

    The profitability returned in direct relation to shareholders' investments is called the return on equity.
  2. Working Capital

    Working capital, also known as net working capital is a measure of a company's liquidity and operational efficiency.
  3. Bond

    A bond is a fixed income investment in which an investor loans money to an entity (corporate or governmental) that borrows ...
  4. Compound Annual Growth Rate - CAGR

    The Compound Annual Growth Rate (CAGR) is the mean annual growth rate of an investment over a specified period of time longer ...
  5. Net Present Value - NPV

    Net Present Value (NPV) is the difference between the present value of cash inflows and the present value of cash outflows ...
  6. Price-Earnings Ratio - P/E Ratio

    The Price-to-Earnings Ratio or P/E ratio is a ratio for valuing a company that measures its current share price relative ...
Trading Center