Greehey Steps Down as Valero Energy's Chairman to Focus on Valero L.P., Valero GP Holdings and Philanthropic Endeavors; Klesse E
19 Januar 2007 - 10:05PM
Business Wire
Valero Energy Corporation (NYSE:VLO) announced today that Bill
Greehey, 70, has stepped down as Chairman and resigned from the
company�s board of directors. Greehey, who will continue to serve
as Chairman of both Valero L.P. (NYSE:VLI) and Valero GP Holdings,
LLC (NYSE:VEH), will turn his full attention to these companies now
that they are independent of Valero Energy, and will concentrate on
his many philanthropic endeavors. The board of directors of Valero
Energy has elected the company�s CEO Bill Klesse, 60, as the new
Chairman, effective immediately. When Greehey stepped down as CEO
at the end of 2005, Klesse was appointed to that position, elected
to the board and named Vice Chairman. �When I retired as CEO, I
said that I would remain as Chairman to ensure a smooth transition
and to oversee the initial public offering of Valero GP Holding�s
interest in Valero L.P.,� Greehey said. �Now that the L.P. is
independent of Valero Energy, both companies are in a good position
to continue growing, so it is inevitable that there will be
conflicts of interest between the companies going forward. Since
Valero is now the largest refiner in North America and the L.P. is
just getting its start as an independent company, I have decided to
turn my full attention to helping the L.P. build on its success in
the coming years. And, of course, I will be able to spend more time
on a number of philanthropic endeavors that are important to me. �I
want to thank all of the employees for the support they gave me
during my years as CEO. Because of our strong culture, we survived
and prospered together and we built a great company,� Greehey said.
Klesse thanked Greehey for his leadership, �On behalf of all of
Valero�s employees, I want to thank Bill for making the company the
tremendous success it is today. It is a great company because we
have an outstanding board, a strong management team and the best
employees in the industry. And, I am looking forward to continuing
to work with them to build upon the great foundation that Bill
established.� With almost 38 years of industry experience, Klesse
has held leadership positions in many different areas, including
commercial operations and refining, corporate development and new
ventures, planning and public affairs, logistics and strategy,
marketing and oil and gas unit planning. He joined Valero as
Executive Vice President of Refining and Commercial Operations when
the company acquired Ultramar Diamond Shamrock Corp. (UDS) in 2001,
and he was promoted to Executive Vice President and COO in 2003.
Klesse started his career with Diamond Shamrock in 1969 as a junior
process engineer at the company�s McKee refinery. He received a
Bachelor of Science degree in chemical engineering from the
University of Dayton and a Master of Business Administration with
an emphasis in finance from West Texas A&M University. About
Valero Energy Corporation Valero Energy Corporation is a Fortune
500 company based in San Antonio, with approximately 22,000
employees and annual revenues of more than $90 billion. The company
owns and operates 18 refineries throughout the United States,
Canada and the Caribbean with a combined throughput capacity of
approximately 3.3 million barrels per day, making it the largest
refiner in North America. Valero is also one of the nation's
largest retail operators with more than 5,500 retail and branded
wholesale outlets in the United States, Canada and the Caribbean
under various brand names including Valero, Diamond Shamrock,
Shamrock, Ultramar, and Beacon. Please visit www.valero.com for
more information.
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