8-KLeadership Changes

VALERO ENERGY CORP/TX 8-K Report, Executive Changes (Nov 2, 2005)

Filed November 2, 2005For Securities:VLO

Summary

Valero Energy Corporation announced a significant leadership transition on October 31, 2005. Effective at the end of 2005, William E. Greehey, who has been serving as Chief Executive Officer and Chairman of the Board, will retire from his CEO role. He will, however, continue to serve as Chairman of the Board, providing continued strategic oversight. Concurrently, the Board of Directors elected William R. Klesse, currently Executive Vice President and Chief Operating Officer, to succeed Mr. Greehey as Chief Executive Officer. This transition will be effective December 31, 2005. Mr. Klesse also joined the Board of Directors and was appointed Vice Chairman of the Board, effective October 31, 2005, indicating a planned and structured succession.

Key Highlights

  • 1CEO William E. Greehey to retire at year-end 2005, but will remain as Chairman of the Board.
  • 2Executive VP & COO William R. Klesse elected as the new Chief Executive Officer, effective December 31, 2005.
  • 3William R. Klesse also appointed to the Board of Directors and as Vice Chairman.
  • 4Klesse has extensive experience in refining and operations, previously holding senior roles at Valero and Ultramar Diamond Shamrock.
  • 5The company has change of control agreements in place with its named executive officers, including Mr. Klesse.

Frequently Asked Questions

This 8-K filing is primarily to announce a significant leadership change at Valero Energy Corporation. It details the retirement of the current CEO and the election of his successor.

No, William E. Greehey will be retiring from his role as Chief Executive Officer at the end of 2005. However, he will continue to serve as the Chairman of the Board of Directors.

William R. Klesse is a seasoned executive with significant experience in Valero's operations. He has been the Executive Vice President and Chief Operating Officer since January 2003 and previously held senior operational and refining roles at Valero and Ultramar Diamond Shamrock.

The filing mentions that Valero has entered into change of control agreements with its named executive officers, including Mr. Klesse. The material terms of these agreements are incorporated by reference from Valero's 2005 proxy statement.