Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers On December 17, 2008, the Board of Directors of Holly Corporation ("Holly") appointed Leldon E. Echols as a director of Holly effective January 1, 2009, filling a vacancy created by an increase in the number of directors. Mr. Echols will serve on the Board's audit committee.
Mr. Echols is a private investor and is currently a member of the boards of directors of three public companies, Trinity Industries, Inc. (NYSE: TRN), where he serves on the audit and human resources committees, Crosstex Energy, L.P. (NASDAQ: XTEX), and a related company, Crosstex Energy, Inc. (NASDAQ: XTXI), where he serves on the audit committees. Mr. Echols also serves on the boards of directors of Roofing Supply Group Holdings, Inc. and Colemont Corporation, two private companies. Until October 2007, Mr. Echols was also a member of the board of directors of TXU Corp. (NYSE: TXU).
From June 2000 to June 2006, Mr. Echols served as executive vice president and chief financial officer of Centex Corporation. Before joining Centex Corporation, Mr. Echols was a managing partner in Arthur Andersen LLP's audit and business advisory practice from 1997 to 2000, and he held various other positions with the firm between 1978 and 1997. Mr. Echols received a bachelor of science degree in accounting from Arkansas State University and is a certified public accountant. Mr. Echols will be an independent director under the rules of the New York Stock Exchange.

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