Valero Energy Corp 8-K, filed Jan 27, 2020
Valero Energy Corp (VLO)
About this 8-K
Valero Energy Corp filed this 8-K on January 27, 2020, reporting on events of January 23, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
| (c) | On Jan. 23, 2020, the board of directors (“Board”) of Valero Energy Corporation (“Valero”) approved promotions for two of Valero’s named executive officers: R. Lane Riggs and Gary K. Simmons. The promotions were effective Jan. 23, 2020. |
Mr. Riggs, age 54, was promoted and elected President and Chief Operating Officer of Valero. He previously served as Executive Vice President and Chief Operating Officer (since Jan. 1, 2018), and prior to that as Executive Vice President-Refining Operations and Engineering (since 2014). He has held several leadership positions with Valero overseeing refining operations, crude and feedstock supply, and planning and economics. Mr. Riggs also served on the board of directors of Valero Energy Partners GP LLC (the general partner of Valero Energy Partners LP (NYSE: VLP)) from 2014 to 2019.
Mr. Simmons, age 55, was promoted and elected Executive Vice President and Chief Commercial Officer of Valero. He previously served as Senior Vice President-Supply, International Operations and Systems Optimization (since 2014), and prior to that as Vice President-Crude and Feedstock Supply and Trading (2012 to 2014), and Vice President-Supply Chain Optimization (2011 to 2012). Mr. Simmons has held many leadership positions with Valero including Vice President and General Manager of Valero’s Ardmore and St. Charles refineries.
| (d) | On Jan. 23, 2020, the Board elected Eric D. Mullins to Valero’s board of directors, and appointed Mr. Mullins to serve on the Board’s Nominating/Governance and Public Policy Committee. Mr. Mullins is entitled to participate in Valero’s non-employee director compensation program (as described in Valero’s 2019 proxy statement). Accordingly, he received a grant of 755 Stock Units upon his election to the Board, which represents a pro rata grant of equity for the period of his service on the Board from the date of election to the date of Valero’s next annual meeting of stockholders. |
| (e) | In connection with Mr. Simmons’s promotion: (i) his target bonus percentage was increased to 100 percent of base salary; and (ii) his long-term incentive target percentage was increased to 325 percent of base salary. No other compensation arrangements were modified or entered into in connection with the promotions described above. |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| VALERO ENERGY CORPORATION | ||||||
| Date: Jan. 27, 2020 |
by: |
/s/ J. Stephen Gilbert | ||||
| J. Stephen Gilbert | ||||||
| Secretary | ||||||
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