PES chief executive Rinaldi announces retirement

Philadelphia Energy Solutions (PES) CEO Philip L. Rinaldi, who oversaw the revival of the former Sunoco refinery in South Philadelphia, announced Tuesday he plans to retire in March, Kallanish Energy learns.

Rinaldi, 70, told employees in a memo he will remain on the PES board until the end of 2017 to assist in a leadership transition. “And I will continue to have a substantial personal investment in PES, a sign of my confidence in the company’s future,” he said.

His retirement was first reported by Reuters.

Rinaldi has run privately-held PES since 2012, when investment giant Carlyle Group and Sunoco formed a joint venture to operate the refinery complex. The new owners invested $700 million in the facilities, including a rail-unloading terminal that allowed the facility to handle domestic crude oil shipments.

He has been active in promoting Philadelphia as an “energy hub,” for which he became a target of climate activists who dubbed him “Fossil Phil,” a name he relished.