Cary Oil Promotes Industry Veteran R. Mark Maddox To President And Chief Executive Officer

CARY, N.C., March 28, 2022 /PRNewswire/ -- Cary Oil, an industry-leading fuel marketer, announces that R. Mark Maddox has been promoted to President and Chief Executive Officer, effective July 1^st, 2022. A talented and respected leader in the organization, Maddox will succeed Craig Stephenson who has served as President and CEO since 2019. Stephenson is leaving to focus on his role as CEO of COC Properties, Inc. (the parent company for Cary Oil and other Stephenson family holdings).

Maddox will be only the fourth CEO in Cary Oil's 63-year history, and the first one from outside the Stephenson family. "As a privately-held, family-owned business, Cary Oil is able to consider succession planning through a longer time horizon," says Stephenson "ensuring a continuation of the values and principles that are fundamental to the Stephenson family".

In his previous positions over a dozen years at Cary Oil, Maddox has spearheaded growth through a focus on delivering Cary Oil's mission of connecting customers with everything they need to thrive in fuel and convenience retail businesses—enabling them to profitably grow, reach their potential, and strengthen the communities they serve. He has developed strong chemistry with the management team and is highly-respected within the organization. "Successful CEO transitions happen when the new leader is ready to lead," says Stephenson "and the board of directors and I have every confidence that Mark is ready to lead."

Maddox has over thirty years of industry experience, including COO at Lee Moore Oil Company and Vice President of SEI Environmental. He holds a B.A. in Political Science and Economics from North Carolina State University and a Certificate of Completion in Advanced Management from UNC Chapel Hill's Kenan-Flagler Business School.

To learn more about Cary Oil, visit caryoil.com.

About Cary Oil:
Cary Oil is a privately-owned and operated national fuel wholesaler built on a legacy of success. Since 1959, Cary Oil has earned the trust of its customers by providing outstanding professional service, premium products, and innovative solutions. Serving 900 independent convenience retailers with operations in nineteen states, Cary Oil distributes 850 million gallons annually and is a national leader in refined fuel marketing.

SOURCE Cary Oil Company

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