valero tightens its belt

More than 100 retail managers released into early retirement.

Valero will be releasing more than 100 managers on the retail end of its operations. The released managers, if they worked above the store level, will be offered early retirement.

There are a total of 130 candidates eligible for early retirement, according to Valero spokesman Bill Day.

“This is not a lay off,” said Day.

Employees who decline early retirement will be placed into a pool that will distribute them though out other Valero operations, such as in its refinery or marketing divisions. Employees who chose not to accept a new job within the company will be offered a voluntary severance package.

Valero is revamping its retail division in a move to boost profits by reducing overhead costs, according to the San Antonio Express-News. The changes are intended to give the company a competitive edge in the convenience industry and more efficient in day-to-day operations.

Valero plans to have the changes implemented by June 1.

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