Who is Fred M. Diaz and why has he been appointed to Valero's Board?

Fred M. Diaz has been elected as a new member of Valero's Board of Directors. While the filing doesn't detail his specific background, his appointment to the Nominating/Governance and Public Policy Committee suggests the board values his expertise in these areas. New board members are typically added to bring diverse skills and perspectives to governance and strategy.

What compensation will Fred M. Diaz receive for his board service?

Mr. Diaz is entitled to Valero's standard non-employee director compensation program. He will receive pro-rata compensation for his service period, which includes a grant of 2,021 stock units that vest one year from the grant date, and a pro-rata annual cash retainer of $86,666.67.

What is the significance of Mr. Diaz being appointed to the Nominating/Governance and Public Policy Committee?

His appointment to this committee indicates an immediate and active role in key governance functions. The Nominating/Governance committee is typically responsible for board composition, director nominations, and corporate governance policies, while the Public Policy committee addresses policy matters, suggesting Mr. Diaz will contribute to these critical oversight areas.

Does this 8-K filing contain any new financial results or guidance from Valero?

No, this 8-K filing (specifically Items 5.02 and 7.01) pertains to the appointment of a new director and related compensation and disclosure. It does not contain new financial results, earnings guidance, or operational updates. The primary purpose is to announce a change in board composition.

VLO 8-K: Leadership Changes & Regulation FD

Summary

Valero Energy Corporation (VLO) announced an expansion of its Board of Directors, increasing its size to 12 members with the election of Fred M. Diaz. Mr. Diaz's appointment is effective immediately, with his initial term extending to the 2022 annual meeting of stockholders. He has also been appointed to the Nominating/Governance and Public Policy Committee, indicating his active role in board functions from the outset. Investors should note that Mr. Diaz will receive pro-rata compensation for his service, including an equity grant of 2,021 stock units vesting in one year and a pro-rata annual cash retainer of $86,666.67. This filing also includes a press release reiterating these points and contains forward-looking statements with customary disclaimers regarding potential deviations from expected outcomes.

Key Highlights

1Valero Energy's Board of Directors has been expanded to 12 members.
2Fred M. Diaz has been elected as a new member of the Board.
3Mr. Diaz's appointment is effective immediately and runs until the 2022 annual meeting.
4Mr. Diaz has been appointed to the Nominating/Governance and Public Policy Committee.
5Mr. Diaz will receive pro-rata compensation, including equity and cash retainer.
6A pro-rata equity grant of 2,021 stock units has been awarded to Mr. Diaz, vesting in one year.
7The company has attached a press release regarding Mr. Diaz's appointment as an exhibit.

VALERO ENERGY CORP/TX 8-K Report, Executive Changes (Sep 17, 2021)

Summary

Key Highlights

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