8-KLeadership ChangesExhibits & Filings

VALERO ENERGY CORP/TX 8-K Report, Executive Changes (Jul 30, 2012)

Filed July 30, 2012For Securities:VLO

Summary

Valero Energy Corporation (VLO) has filed a Form 8-K to announce a significant change in its Board of Directors. On July 26, 2012, the Board elected Deborah Platt Majoras as a new director. This appointment is part of the company's ongoing governance and strategic direction, and Ms. Majoras's expertise will be a valuable addition to the board. In connection with her election, Ms. Majoras was awarded 9,261 restricted shares of Valero common stock. These shares are subject to a vesting schedule, with one-third vesting annually over the next three years at the company's annual stockholder meetings. This equity award aligns her interests with those of other shareholders and reflects the company's compensation practices for non-employee directors.

Key Highlights

  • 1Valero Energy Corporation elected Deborah Platt Majoras to its Board of Directors on July 26, 2012.
  • 2Ms. Majoras's appointment is effective immediately upon her election.
  • 3The company issued a press release on July 26, 2012, to announce this board change.
  • 4As part of her compensation, Ms. Majoras received 9,261 restricted shares of Valero common stock.
  • 5The restricted stock shares will vest in three equal installments annually over the next three years.
  • 6This action is in accordance with Valero's compensation program for its non-employee directors.

Frequently Asked Questions

The filing does not provide specific details about Deborah Platt Majoras's background or the exact reasons for her appointment beyond her election to the Board of Directors. However, typically, new directors are chosen for their experience, expertise, and ability to contribute to the company's strategic direction and governance.

The award of 9,261 restricted shares is a form of compensation for Ms. Majoras as a non-employee director. The vesting schedule, where shares vest over three years, is designed to incentivize long-term commitment and align her interests with those of Valero's shareholders.

This 8-K filing solely reports the appointment of a new director and her compensation. It does not provide information that would suggest a direct shift in Valero's core business strategy. Board appointments are common and can be for various reasons, including fulfilling governance requirements or bringing in new perspectives.

The filing references the 'Valero Energy Corporation 2011 Omnibus Stock Incentive Plan' (Exhibit 10.01) and the 'Form of Restricted Stock Agreement' (Exhibit 10.02) as incorporated documents. Investors can refer to Valero's definitive proxy statement for the 2011 annual meeting of stockholders and its Annual Report on Form 10-K for the year ended December 31, 2011, for more detailed information on these plans.