Summary
Valero Energy Corporation filed an 8-K on January 24, 2013, reporting a key executive appointment and related compensation. The board of directors elected Lawrence Mark Schmeltekopf as Vice President and Controller, effective January 23, 2013. Mr. Schmeltekopf, who has a strong background in financial reporting and accounting within Valero and prior experience with Arthur Andersen LLP, succeeds Clayton E. Killinger as Controller. This move occurs in the context of Valero's ongoing separation of its retail business through the spin-off of CST Brands, Inc.
Key Highlights
- 1Appointment of Lawrence Mark Schmeltekopf as Vice President and Controller, effective January 23, 2013.
- 2Mr. Schmeltekopf's extensive experience includes prior roles as Assistant Controller and Senior Vice President at Valero subsidiaries, with responsibilities in financial reporting, accounting research, budgeting, and forecasting.
- 3Mr. Schmeltekopf's prior experience includes being an audit partner at Arthur Andersen LLP.
- 4Clayton E. Killinger steps down as Controller but retains his Senior Vice President role at Valero.
- 5Mr. Killinger has also been elected Senior Vice President and Chief Financial Officer of CST Brands, Inc., a Valero subsidiary.
- 6Mr. Schmeltekopf received 6,110 performance shares and 6,369 restricted shares under Valero's 2011 Omnibus Stock Incentive Plan.
- 7The performance shares vest in annual increments starting January 2014, with payout ranging from zero to 200% of vested shares based on Valero's stock performance.
- 8The restricted shares vest over three years in equal annual installments.
Frequently Asked Questions
Lawrence Mark Schmeltekopf was elected as the new Vice President and Controller of Valero Energy Corporation, effective January 23, 2013.
Mr. Schmeltekopf joined Valero in 2003 and has held positions such as Assistant Controller and Senior Vice President at Valero subsidiaries, overseeing financial reporting, accounting research, budgeting, and forecasting. Prior to Valero, he was an audit partner at Arthur Andersen LLP.
Mr. Killinger has stepped down as Controller but remains Senior Vice President of Valero. He has also been elected Senior Vice President and Chief Financial Officer of CST Brands, Inc., a Valero subsidiary being spun off.
Mr. Schmeltekopf was awarded 6,110 performance shares and 6,369 restricted shares under Valero's 2011 Omnibus Stock Incentive Plan. The performance shares have a variable payout based on stock performance, and both awards are subject to vesting over three years.