Valero Announces CEO Transition Plan
May 09 2023 - 6:33AM
Business Wire
Joseph W. Gorder to Retire as CEO; Will Remain
as Executive Chairman
R. Lane Riggs to Assume CEO Position and Become
Director
Valero Energy Corporation (NYSE: VLO, “Valero”) announced today
that Joseph W. Gorder, Valero’s Chief Executive Officer and
Chairman of the Board, has chosen to retire as CEO and has been
elected as Executive Chairman of the Board, both effective June 30,
2023. In his new role, Mr. Gorder will lead the Board of Directors,
and continue to provide advice and counsel to the CEO and Valero’s
leadership on Company decisions.
R. Lane Riggs, Valero’s President and Chief Operating Officer,
has been elected to serve as Valero’s CEO and as a member of the
Board, also effective June 30, 2023.
Mr. Gorder has led Valero as CEO since May 1, 2014, and has
served as Chairman of the Board since December 31, 2014. “Joe’s
strong and principled leadership steered a repositioning of
Valero’s strategy that has been steadfastly executed for nearly a
decade and has been pivotal to Valero’s ability to deliver
distinctive financial results and peer-leading returns to
stockholders while establishing its position as one of the world’s
leading manufacturers of low-carbon liquid transportation fuels,”
said Robert A. Profusek, Valero’s Lead Independent Director. “With
the strong foundation for continued success that Joe established in
place along with a strong succession development plan being
executed, the Board unanimously agrees that now is the time to
transition to Lane as CEO. We are fortunate and grateful to have
Joe continue as Executive Chairman and for Lane to be assuming the
role of CEO.”
“I would like to thank our employees, stockholders, business
partners, and our communities where we live and work for their
courage, humility and unwavering commitment to get Valero where it
is today,” Gorder said. “Lane has long played a vital role in
developing and implementing our strategies as a key member of
Valero’s executive team. Our succession plan has been in place for
some time and has progressed as planned with the complete
involvement and support of the Board.”
“The tenets of Valero’s strategy – pursuing excellence in
operations, deploying capital with an uncompromising focus on
returns, and honoring our commitment to stockholders – that have
been in place for nearly a decade under Joe’s leadership will
remain a constant and continue to position us well for the future,”
said Lane Riggs.
In addition to his current position, Mr. Riggs has held several
leadership positions with Valero overseeing refining operations,
crude and feedstock supply, and planning and economics. Mr. Riggs
also served on the board of directors of Valero Energy Partners GP
LLC (the general partner of Valero Energy Partners LP (NYSE: VLP))
from 2014 to 2019.
About Valero
Valero Energy Corporation, through its subsidiaries
(collectively, “Valero”), is a multinational manufacturer and
marketer of petroleum-based and low-carbon liquid transportation
fuels and petrochemical products, and sells its products primarily
in the United States (“U.S.”), Canada, the United Kingdom (“U.K.”),
Ireland and Latin America. Valero owns 15 petroleum refineries
located in the U.S., Canada and the U.K. with a combined throughput
capacity of approximately 3.2 million barrels per day. Valero is a
joint venture member in Diamond Green Diesel Holdings LLC, which
owns two renewable diesel plants located in the U.S. Gulf Coast
region with a combined production capacity of approximately 1.2
billion gallons per year, and Valero owns 12 ethanol plants located
in the U.S. Mid-Continent region with a combined production
capacity of approximately 1.6 billion gallons per year. Valero
manages its operations through its Refining, Renewable Diesel, and
Ethanol segments. Please visit investorvalero.com for more
information.
Safe-Harbor Statement
Statements contained in this release that state Valero’s or
management’s expectations or predictions of the future are
forward-looking statements intended to be covered by the safe
harbor provisions of the Securities Act of 1933 and the Securities
Exchange Act of 1934. The words “believe,” “expect,” “should,”
“estimates,” “intend,” “target,” “will,” “plans,” “forecast,” and
other similar expressions identify forward-looking statements.
Forward-looking statements in this release include statements
relating to Valero’s strategy, among other matters. It is important
to note that actual results could differ materially from those
projected in such forward-looking statements based on numerous
factors, including those outside of Valero’s control, such as
legislative or political changes or developments, market dynamics,
cyberattacks, weather events, and other matters affecting Valero’s
operations or the demand for Valero’s products. These factors also
include, but are not limited to, the uncertainties that remain with
respect to current or contemplated legal, political or regulatory
developments that are adverse to or restrict refining and marketing
operations, or that impose profits, windfall or margin taxes or
penalties, the Russia-Ukraine conflict, the impact of inflation on
margins and costs, economic activity levels, and the adverse
effects the foregoing may have on Valero’s business plan, strategy,
operations and financial performance. For more information
concerning these and other factors that could cause actual results
to differ from those expressed or forecasted, see Valero’s annual
report on Form 10-K, quarterly reports on Form 10‑Q, and other
reports filed with the Securities and Exchange Commission and
available on Valero’s website at www.valero.com.
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Investors: Homer Bhullar, Vice President – Investor
Relations and Finance, 210-345-1982 Eric Herbort, Director –
Investor Relations and Finance, 210-345-3331 Gautam Srivastava,
Senior Manager – Investor Relations, 210-345-3992
Media: Lillian Riojas, Executive Director – Media
Relations and Communications, 210-345-5002
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