Valero President Resigns

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Valero President Resigns

SAN ANTONIO -- The president of Valero Energy Corp., Greg King, resigned without notice Tuesday, and will leave the company effective Dec. 31, 2007, the company stated.

The resignation was King's decision, and there has been no plan to replace him at this time, a spokesman told CSNews Online.

"This was unexpected, but I want to thank Greg for his dedication to Valero's success over his more than 14 years with the company," Bill Klesse, chairman of the board and CEO for Valero, said in a statement. "I would also like to personally thank him for his support and loyalty over the last two years. We wish Greg and his family much success and happiness in the future."

In his position at Valero, King oversaw the company's finance, administrative and retail divisions, including those for Ultramar Ltd., Valero's Canadian subsidiary, according to the company's Web site.

King became Valero's general counsel in 1997, and spent time as the company's chief operating officer and an executive vice president before being promoted to the role of president in January 2003, Dow Jones Newswires reported. Prior to Valero, King was a partner in the Houston-based law firm of Bracewell & Patterson, now Bracewell & Giuliani, according to the report.

In each of his positions at Valero, King led key initiatives for the company's growth from a regional energy company to the largest refiner in North America with 18 refineries and 3.3 million barrels per day of capacity, according to Valero's Web site.