Valero Energy CEO Joseph Gorder to step down, insider Riggs to succeed

(Reuters) – U.S. refiner Valero Energy Corp (NYSE:) said on Tuesday CEO Joseph Gorder would step down from the role on June 30 and named Chief Operating Officer Lane Riggs as his successor.

Gorder has led Valero as CEO since May 1, 2014 and served as chairman of the board since Dec. 31, 2014.

Gorder will remain as executive chairman, the company said.

Riggs has been with Valero since 1989 and held several leadership positions in the company including overseeing refining operations, crude and feedstock supply, and planning and economics.

He also served on the board of Valero Energy Partners GP LLC from 2014 to 2019.