Valero Energy Corporation Elects Fred M. Diaz to Board of Directors

Rhea-AI Summary

Valero Energy Corporation (NYSE: VLO) has appointed Fred M. Diaz as an independent director on its Board, effective immediately. Diaz has an extensive background in the transportation industry, previously serving as CEO of Mitsubishi Motors North America and holding senior roles at Nissan and Fiat Chrysler Automobiles. His global experience is expected to enhance Valero's governance, particularly in the transportation sector. The company operates 15 refineries and 13 ethanol plants, emphasizing its position as a leading manufacturer of fuels and petrochemicals.

Positive

• Appointing Fred M. Diaz could bring valuable insights from the transportation sector.
• Diaz's global experience may enhance Valero's strategic initiatives.

Negative

• Concern regarding potential continuity in leadership experience with a new board member.

SAN ANTONIO--(BUSINESS WIRE)-- Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that Fred M. Diaz has been elected as an independent director to Valero’s board of directors (the “Board”) and has joined the Board’s Nominating/Governance and Public Policy Committee, effective immediately.

Mr. Diaz most recently served as President, Chief Executive Officer and Chairman of the Board of Directors of Mitsubishi Motors North America, Inc. He has extensive experience in the global transportation industry, and previously served in various executive and senior management roles at Mitsubishi Motors Corporation in Japan, Nissan Motor Corporation, and Fiat Chrysler Automobiles, where he served as President and Chief Executive Officer of both the Ram Truck brand and Chrysler Mexico.

“We are honored to welcome Fred to our board. He brings a valuable perspective on the transportation sector through his experience as a business leader across the globe,” said Joe Gorder, Valero’s Chairman and Chief Executive Officer.

Mr. Diaz was born and raised in San Antonio, Texas and currently serves on the board of directors of SiteOne Landscape Supply, Inc., Smith & Wesson Brands, Inc. and Archer Aviation Inc. Mr. Diaz is a Director Member of the Latino Corporate Directors Association (LCDA) and a National Association of Corporate Directors (NACD) Board Leadership Fellow.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 500 company based in San Antonio, Texas, and it owns 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 13 ethanol plants with a combined production capacity of approximately 1.7 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.investorvalero.com for more information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210916005872/en/

Investors:

Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982

Eric Herbort, Senior Manager – Investor Relations, 210-345-3331

Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:

Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

Source: Valero Energy Corporation

FAQ

Who is Fred M. Diaz and what is his role at Valero?

Fred M. Diaz has been elected as an independent director on Valero's board and will serve on the Nominating/Governance and Public Policy Committee.

What experience does Fred M. Diaz bring to Valero?

Diaz has extensive experience in the transportation industry, notably as CEO of Mitsubishi Motors North America and has held significant roles at Nissan and Fiat Chrysler.

When was Fred M. Diaz appointed to Valero's Board?

Fred M. Diaz was appointed as an independent director effective immediately as of the announcement.

How many refineries does Valero Energy operate?

Valero operates 15 petroleum refineries with a throughput capacity of approximately 3.2 million barrels per day.

What is Valero's business focus?

Valero is an international manufacturer and marketer of transportation fuels and petrochemical products.