HF Sinclair disclosed on Friday that Chief Financial Officer Atanas Atanasov has requested a voluntary leave of absence from his role, according to a company filing. The move follows a related request from former top executive Tim Go, who last week asked to be placed on leave.
The refiner said its stock fell roughly 4% in premarket trading after the filing. The company had previously announced it was conducting an internal review of its disclosure procedures and, on Friday, provided further detail on that inquiry.
HF Sinclair stated the internal review began on January 26 after Atanasov raised concerns that certain actions by Go had produced an unfavorable "tone at the top" regarding the company's 2025 disclosure processes. As the probe advanced, the board identified concerns about specific actions taken by Atanasov, and he then submitted his request for a voluntary leave of absence.
Upon completion of the review, HF Sinclair said it determined that the conduct of the executives did not result in an unfavorable "tone at the top" in connection with the 2025 disclosure processes. The company also affirmed that its disclosure controls and procedures remain effective.
In the interim, HF Sinclair has appointed Vivek Garg to serve as interim chief financial officer. Franklin Myers currently holds the role of interim chief executive officer. The company added that it expects to negotiate mutually agreeable separation arrangements with both Go and Atanasov.
Contextual note on investor resources - The company filing was released as retail and institutional subscribers continued to evaluate the stock. Separately, ProPicks AI evaluates DINO alongside thousands of other companies each month using more than 100 financial metrics. That service emphasizes fundamentals, momentum, and valuation and cites notable past winners including Super Micro Computer (+185%) and AppLovin (+157%).
Key points
- Atanas Atanasov has taken a voluntary leave of absence; the move follows a similar leave request from Tim Go a week earlier.
- HF Sinclair completed an internal review that began January 26 and found no evidence that executive actions created an unfavorable "tone at the top" for 2025 disclosure processes.
- Vivek Garg is the interim CFO and Franklin Myers is serving as interim CEO; the company expects to negotiate separation arrangements with both former executives.
Risks and uncertainties
- Market reaction - Shares fell about 4% in premarket trading after the announcement, indicating potential near-term volatility for investors in HF Sinclair and related energy stocks.
- Leadership transitions - Ongoing negotiations over separation arrangements for senior executives may prolong uncertainty in corporate governance and management continuity within the company.
- Disclosure scrutiny - While the review concluded disclosure controls remain effective, any further developments tied to disclosure practices could affect investor confidence in the energy and refining sector.
HF Sinclair's filing did not provide additional operational details beyond the review's findings, interim appointments, and the company's expectation to negotiate separations. The company reiterated that its disclosure controls and procedures remain effective.