Valero Energy Corp. announced May 9 that Joseph Gorder is retiring from his position as CEO but has been elected as executive chairman of the board, with current president and COO R. Lane Riggs to succeed him as CEO.

The changes in leadership will be effective June 30.

Gorder has been CEO of Valero since May 1, 2014 and chairman of the board since Dec. 31 of that same year.

“[Gorder's] strong and principled leadership steered a repositioning of Valero’s strategy that has been steadfastly executed for nearly a decade and has been pivotal to Valero’s ability to deliver distinctive financial results and peer-leading returns to stockholders while establishing its position as one of the world’s leading manufacturers of low-carbon liquid transportation fuels,” said Robert Profusek, Valero’s lead independent director.

Riggs is transitioning to CEO after several leadership positions at Valero and having served on the board of directors for Valero Energy Partners GP LLC from 2014 to 2019.

Valero Energy Corp. is a manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products.