1. Valero appointed Robert L. Reymond to its board of directors. 2. Reymond brings extensive energy industry experience to Valero's leadership. 3. Valero's operations include refining, low-carbon fuels, and ethanol production. 4. Valero operates 15 refineries with 3.2 million barrels per day capacity. 5. The board aims for strategic governance in energy markets.
The addition of a skilled director enhances operational strategy, potentially leading to improved financial performance, similar to previous cases where board enhancements positively influenced stock prices.
The appointment directly affects Valero’s governance and strategic direction, which is critical for investor confidence. Given the current focus on leadership in energy transition, this appointment's timing is also favorable.
Board changes usually drive long-term corporate strategy, influencing future performance, demonstrated by firms that have seen stock gains over years following strategic leadership changes.
Valero Energy Corporation (NYSE:VLO, "Valero")) announced today that Robert L. Reymond has been elected as an independent director to Valero's board of directors (the "Board") and has joined the Board's Nominating and Corporate Governance Committee, effective immediately.
Mr. Reymond most recently served as Chief Operating Officer of the Energy Group and as a member of the board of directors of Burns & McDonnell, Inc., a privately held full-service engineering, architecture, construction, environmental and consulting solutions firm. As Chief Operating Officer of Burns & McDonnell's Energy Group, Mr. Reymond oversaw the firm's oil, gas and chemicals and power businesses. He has extensive experience in managing complex engineering and construction projects across multiple segments of the energy industry, including refining, low-carbon fuels, midstream and logistics, chemicals, and power. Mr. Reymond also previously served in various other executive and senior management roles at Burns & McDonnell, where he led some of the firm's largest and most complex energy projects and founded its nuclear business.
"We are very pleased to welcome Bob to our board. He brings a wealth of experience in refining and the broader energy industry and adds to the already deep expertise our board has in these areas," said Lane Riggs, Valero's Chairman, Chief Executive Officer and President.
Mr. Reymond received his bachelor's degree in mechanical engineering from the University of Missouri. He previously served as an officer in the United States Navy's nuclear power program.
About Valero
Valero Energy Corporation, through its subsidiaries (collectively, Valero), is a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which produces low-carbon fuels including renewable diesel and sustainable aviation fuel (SAF), with a production capacity of approximately 1.2 billion gallons per year in the U.S. Gulf Coast region. See the annual report on Form 10-K for more information on SAF. Valero also owns 12 ethanol plants located in the U.S. Mid-Continent region with a combined production capacity of approximately 1.7 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit investorvalero.com for more information.
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Valero Contacts
Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Director – Investor Relations and Finance, 210-345-3331
Gautam Srivastava, Director – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002