HF Sinclair CFO Takes Leave After Executive Audit Review

HF Sinclair Corporation has disclosed that its audit committee raised significant concerns regarding the actions of its top executives, leading to the voluntary leave of its finance chief just one week after the chief executive officer took a similar step. Shares of the United States refiner fell 4% in Friday morning trading following the announcement. The internal review was launched on January 26 after CFO Atanas Atanasov raised alarms about the actions of CEO Tim Go, specifically regarding the tone at the top for the 2025 disclosure processes. As the investigation progressed, the board identified separate concerns regarding Go’s communications with management, leading to his request for leave on February 17. In a subsequent turn of events, the board also developed concerns about Atanasov’s own actions during the review process. This led to his request for a voluntary leave of absence earlier this week. Despite these leadership disruptions, the audit committee concluded that the company’s disclosure controls and procedures remain effective and that no issues were found within the financial reporting systems. The company has appointed Chief Accounting Officer Vivek Garg as the interim CFO, while Franklin Myers continues to serve as the interim CEO. HF Sinclair indicated it intends to negotiate mutually agreeable separation arrangements with both Go and Atanasov. Go had been in his role since 2023, while Atanasov joined the company as finance chief in 2022. Since the leadership changes began last week, the company's shares have declined by more than 12%.