Valero Energy CEO Klesse to Step Down

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.

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