By Everdeen Mason
Valero Energy Corp. said Chief Executive Bill Klesse will step
down from his role and will be replaced by Chief Operating Officer
Joe Gorder.
Mr. Klesse, who will depart May 1, has spent 45 years at Valero
and became CEO in 2005. He will remain chairman of the board,
Valero said Monday.
Meanwhile, Mr. Gorder has served in various roles within Valero
and its predecessors for 27 years, the company said. He became
operating chief in 2012. Mr. Gorder will join the board of
directors immediately and become CEO on May 1.
Valero, the world's largest independent oil refiner, reported
fourth-quarter results that topped analyst estimates in January,
after it spun off its gas-station and convenience-store retail
business into a publicly traded company called CST Brands last
year.
The new company has about 1,900 locations in the southwest U.S.
and eastern Canada. Valero will continue to supply fuel to CST
Brands' retail sites through long-term supply agreements.
Separately, in December, a master limited partnership formed by
Valero launched an initial public offering under the name Valero
Energy Partners LP. The partnership was established to operate oil
and petroleum pipelines, terminals and similar assets. It will
serve as Valero's primary vehicle to expand the transportation and
logistics assets.
Write to Everdeen Mason at everdeen.mason@wsj.com
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