Valero Energy Corporation Announces Leadership Changes
Valero Energy Corporation (NYSE: VLO, "Valero") has made a significant announcement regarding its leadership. Joseph W. Gorder will retire as Executive Chairman and as a member of the Board. His retirement will take effect at the close of business on December 31, 2024, marking a pivotal moment for the organization.
Leadership Transition Details
R. Lane Riggs, who currently serves as Valero's Chief Executive Officer and President, will assume the additional role of Chairman of the Board effective at the same time. This change comes after both Gorder's and Riggs' roles within the company have evolved significantly over recent months.
Joseph W. Gorder's Tenure and Impact
Joseph W. Gorder's leadership journey has been remarkable. He transitioned from the position of CEO on June 30, 2023, where he led the company since May 1, 2014. His tenure as Executive Chairman began shortly after this transition. During Gorder's time leading Valero, the company established a strong market presence as one of the leading manufacturers of liquid transportation fuels worldwide.
Reflections from Valero's Directors
Robert A. Profusek, Valero's Lead Independent Director, shared his insights on Gorder's leadership, stating that Joe's leadership has been integral in securing Valero's market position. With a successful transition already in place with Riggs at the helm, the Board believes now is the opportune time to complete the succession development plan that has been in motion. The lasting contributions of Gorder have left an indelible mark on the company, and the Board is grateful for his service.
Moving Forward with R. Lane Riggs
As Riggs steps into the role of Chairman, he expresses gratitude to Gorder. He stated, "Working with Joe has been an honor. His guidance and leadership have not only shaped the past but also create a stable future for Valero. The strategic pillars of Valero's plan, established under Joe's leadership, will continue to guide the company to future success.”
About Valero Energy Corporation
Valero Energy Corporation operates as a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels. With a presence across multiple regions including the United States, Canada, the UK, Ireland, and Latin America, Valero plays a critical role in the energy sector. The company owns a total of 15 petroleum refineries in the U.S., Canada, and the UK, with a throughput capacity nearing 3.2 million barrels per day.
In addition to its refining operations, Valero is a vital player in the renewable energy sector through its joint venture in Diamond Green Diesel Holdings LLC, which operates two renewable diesel plants in the U.S. Gulf Coast region. Valero also boasts 12 ethanol plants in the U.S. Mid-Continent region, producing around 1.6 billion gallons of ethanol annually. Valero effectively manages these operations through its Refining, Renewable Diesel, and Ethanol segments.
Frequently Asked Questions
What major change did Valero announce recently?
Valero announced that Joseph W. Gorder will retire as Executive Chairman at the end of December 2024, with R. Lane Riggs taking over as Chairman of the Board.
How long has Joseph W. Gorder been with Valero?
Gorder has served in leadership roles at Valero since 2014, including CEO and Executive Chairman.
Who will replace Joseph W. Gorder?
R. Lane Riggs, currently the CEO and President, will assume the role of Chairman of the Board.
What is Valero's primary business focus?
Valero focuses on manufacturing and marketing petroleum-based and low-carbon transportation fuels, and petrochemical products.
How many refineries does Valero own?
Valero owns 15 petroleum refineries located in the U.S., Canada, and the UK, with a combined capacity of about 3.2 million barrels per day.
