SAN ANTONIO, Feb. 07, 2018 (GLOBE NEWSWIRE) — Valero Energy Corporation (NYSE:VLO) today announced that Michael Ciskowski has decided to retire as the Company’s Executive Vice President and Chief Financial Officer effective May 3, 2018. Valero’s Board of Directors has elected Donna Titzman, currently Senior Vice President and Treasurer, as Executive Vice President and Chief Financial Officer effective as of the same date.
“On behalf of the Valero Energy Corporation Board of Directors, we thank Mike for his strong leadership, dedicated service and significant contributions to Valero’s success. His wise counsel and sound judgment have been invaluable. He has been a friend and mentor to many of us and will be missed greatly,” said Joe Gorder, Valero Chairman, President and Chief Executive Officer.
Mr. Ciskowski has served in the role of Executive Vice President and Chief Financial Officer since 2003 and successfully led the efforts to establish and maintain the Company’s financial stability and health throughout its journey to become the industry’s largest independent refiner and its premier operator. Prior to serving as CFO, he led Valero’s Corporate Development department and oversaw many of the key acquisitions and mergers that fueled Valero’s extraordinary growth during the late 1990’s and early 2000’s.
“I’m proud to have been with Valero since 1985. The company has grown tremendously through the years, and I am extremely proud to have played a part in building Valero into the great organization that it is. I believe that Valero is well positioned, both strategically and financially, to continue to prosper and lead the industry for years to come,” said Mr. Ciskowski. “Donna is also very well qualified to assume the role of Chief Financial Officer. I have known and worked with Donna for many years and have complete faith in her ability,” he added.
“While we are certainly sad to see Mike retire, we are pleased Donna will have the opportunity to step up into the CFO role. We have an established succession planning process at Valero, and Donna is very experienced and capable – she will do a great job,” said Gorder.
Ms. Titzman was elected as Senior Vice President and Treasurer of Valero in 2013. In this role she has responsibility for banking, cash management, customer credit, investment management, and risk management. Ms. Titzman is a Certified Public Accountant and joined Valero in 1986. She held various leadership positions before being elected as Assistant Treasurer in 1997, Treasurer in 1998, and Vice President and Treasurer in 2001. Her 32 years of accounting and finance experience with Valero have well prepared her for this critical role. She has also served as a Director and as the Chief Financial Officer of Valero Energy Partners (NYSE:VLP) since September 2013. She helped lead the initial public offering of VLP and the financing of its growth strategy for the past four years.
Valero Energy Corporation, through its subsidiaries, is an international manufacturer and marketer of transportation fuels and other petrochemical products. Valero, a Fortune 50 company based in San Antonio, Texas, with approximately 10,000 employees, is an independent petroleum refiner and ethanol producer, and its assets include 15 petroleum refineries with a combined throughput capacity of approximately 3.1 million barrels per day and 11 ethanol plants with a combined production capacity of 1.4 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. In addition, Valero owns the 2 percent general partner interest and a majority limited partner interest in Valero Energy Partners LP, a midstream master limited partnership. Valero sells its products in both the wholesale rack and bulk markets, and approximately 7,400 outlets carry Valero’s brand names in the U.S., Canada, the U.K. and Ireland. Please visit www.valero.com for more information.
John Locke, Vice President – Investor Relations, 210-345-3077
Karen Ngo, Senior Manager – Investor Relations, 210-345-4574
Tom Mahrer, Manager – Investor Relations, 210-345-1953
Lillian Riojas, Director – Media Relations and Communications, 210-345-5002