Summary
Valero Energy Corporation (VLO) announced a key executive promotion and associated compensation adjustments in a recent 8-K filing. Gary K. Simmons, previously Executive Vice President and Chief Commercial Officer, has been promoted to Executive Vice President and Chief Operating Officer, effective July 20, 2023. This move signifies a shift in operational leadership within the company. The compensation adjustments reflect the increased responsibilities of Mr. Simmons's new role. His annualized base salary has been raised to $900,000, and his long-term incentive (LTI) award target percentage has been significantly increased to 450% for the latter half of 2023. A transitional LTI award of approximately $802,188 was also granted to bridge the compensation difference due to the mid-year promotion, comprising both restricted and performance shares with terms aligned to previous grants. The bonus target percentage remains unchanged at 100%.
Key Highlights
- 1Gary K. Simmons promoted to Executive Vice President and Chief Operating Officer, effective July 20, 2023.
- 2Mr. Simmons's annualized base salary increased to $900,000.
- 3Long-term incentive (LTI) award target percentage increased to 450% for the second half of 2023.
- 4A transitional LTI award valued at $802,188 was granted to Mr. Simmons.
- 5The transitional LTI award consists of 50% restricted shares and 50% performance shares.
- 6Bonus target percentage remains at 100% of annualized salary.
- 7Details on Mr. Simmons's compensation are consistent with previous disclosures and filings.