Investors, analysts appear confident in change of leadership at Valero

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Oscar Williams

Joe Gorder is now officially the chairman and CEO of Valero Energy Corp.

James Aldridge

Web Editor- San Antonio Business Journal

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The stock market took a rather ho-hum approach to Valero Energy Corp.'s announcement that Bill Klesse would step down as chairman of the independent refining company.

The company's stock opened Wednesday at $49.84, virtually unchanged from the previous day's close.

Joe Gorder, who took over for Klesse as CEO of Valero on May 1, took on the added title of chairman of the board.

When Klesse first announced plans to retire from the company earlier this year, the company's management at the time said the leadership succession would mean little change to the overall operations. Valero spokesman Bill Day said Wednesday that Gorder's transition to chairman of the board was part of the company's management succession plan.

Several analysts told us previously that Gorder should do well in leading the company.

Interestingly, San Antonio-based Valero (NYSE: VLO) has only had three individuals serving in the capacity as chairman and CEO since the company was formed 34 years ago in 1980. Bill Greehey served as chairman and CEO until 2007 when he handed over the reins to Klesse. Now that Klesse has concluded his term in leadership at Valero, the next chapter of the company's history will be written by Gorder.

James Aldridge oversees online content of the newspaper; edits and reports stories for the online edition.