Gorder, who’s been CEO since 2014, will remain as executive chairman. Riggs has been president and COO of the San Antonio refiner.
Gorder isn’t leaving Valero altogether, though. He has been elected executive chairman and will leadRiggs is the company’s current president and chief operating officer. The changes are effective June 30.
“With the strong foundation for continued success that Joe established in place along with a strong succession development plan being executed, the Board unanimously agrees that now is the time to transition to Lane as CEO,” Valero’s Lead Independent Director Robert A. Profusek said in a statement.
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