Valero Energy Corporation announced 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) from 2014 to 2019.
