Valero to Complete Succession Plan with Riggs Becoming Chair

Valero Energy Corp. has said that effective December 31, 2024, Joseph W. Gorder will retire from his position as Executive Chairman and a member of the board.

The company said in a media release that from the same date Chief Executive Officer and President R. Lane Riggs will be new Chairman of the board.

Riggs will fill Gorder’s position for the second time. In June 2023, Riggs stepped up to become Valero’s CEO and President as Gorder retired from that position. Since then, Gorder has been providing advice and counsel to Riggs and Valero’s leadership while serving as Executive Chairman. 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.

“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”, said Robert A. Profusek, Valero’s Lead Independent Director.  

“Lane has long been viewed as 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”, Gorder said.

“The tenets 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”, added Riggs.

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