Valero Energy (VLO) Announces Board Changes

Valero Energy Corporation (NYSE: VLO) today announced that Joseph W. Gorder has chosen to retire as Executive Chairman and as a member of the Board effective as of the close of business on December 31, 2024. R. Lane Riggs, Valero’s Chief Executive Officer and President, and member of the Board, has also been elected to the additional position of Chairman of the Board effective as of such date.

Mr. Gorder retired as Valero’s CEO effective as of the close of business on June 30, 2023 and has served as Executive Chairman of the Board since that time. In his role as Executive Chairman, Mr. Gorder has led the Board and continued to provide advice and counsel to the CEO and Valero’s leadership on company decisions. Mr. Riggs has served as Valero’s CEO and President, and member of the Board, since the close of business on June 30, 2023.

Mr. Gorder led Valero as CEO from May 1, 2014 through June 30, 2023, and has served as Chairman of the Board since December 31, 2014. “Joe’s strong and principled leadership has been pivotal in establishing Valero’s position as one of the world’s leading manufacturers of liquid transportation fuels,” said Robert A. Profusek, Valero’s Lead Independent Director. “With the strong foundation that Joe established and a successful transition to Lane as CEO, the Board and Joe agreed that it was the right time to complete the succession development plan that has been in place for some time. Our Board and our employees are incredibly fortunate and grateful for Joe’s contributions and the indelible mark he has left on Valero. We wish him continued health and happiness as he begins the next chapter of his life.”

“It has been an honor to serve and lead Valero and I would like to thank our Board, employees, stockholders, business partners, and our communities where we live and work for their trust and confidence,” said Gorder. “Lane has long been viewed a trusted leader within the organization and has been pivotal to developing and implementing our strategies. Our succession plan has been in place for some time and the Board and I are confident that Lane is the right person to serve as Chairman and lead the Board as it continues to guide Valero’s success.”

“Working with Joe has been an honor and I would like to thank him for his leadership, guidance and friendship. The tenet’s of Valero’s strategy 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 as we continue to build upon the great legacy that he’s left,” said Riggs.

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