secwatch.observer — SEC 8-K summary
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Issuer:     VALERO ENERGY CORP/TX (VLO)
CIK:        0001035002
Form:       8-K
Filed at:   2023-07-21T23:59:59+00:00
Accession:  0001193125-23-191449
Event type: leadership
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Valero promotes Gary K. Simmons to EVP and COO effective July 20, 2023
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- Gary K. Simmons promoted from EVP and Chief Commercial Officer to EVP and Chief Operating Officer.
- Promotion effective immediately on July 20, 2023; base salary increased to $900,000 annually.
- Long-term incentive target raised to 450% of salary for second half of 2023; transitional LTI award of $802,188 granted.
- Transitional award split 50% restricted shares and 50% performance shares with three-year ratable vesting.
- No changes to bonus target percentage of 100%, applied on blended salary for 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1035002/000119312523191449/0001193125-23-191449-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1035002/000119312523191449/d504796d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-191449

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