Valero Appoints New Board Member

Valero Energy Corporation said Stephen Waters, managing partner of Compass Advisers LLP, has been elected to the company’s board of directors.

As Valero’s 11th board member, Waters, 61, will serve on the board’s Finance Committee.

"We are honored that Steve has agreed to join our board of directors," said Valero Chairman and CEO Bill Klesse. "He is well-respected and has a broad knowledge of business and financial issues, and he brings a wealth of experience."

Waters has been the managing partner of Compass Advisers LLP since 1996 and CEO of Compass Partners European Equity Fund since 2005. From 1988 to 1996 he served in several capacities at Morgan Stanley, including co-head of the Mergers and Acquisitions department from 1990 to 1992, co-CEO of Morgan Stanley Europe from 1992 to 1996 and as a member of the firm’s worldwide Firm Operating Committee from 1992 to 1996.

From 1974 to 1988, he was with Lehman Brothers, co-founding the Mergers and Acquisitions department in 1977, becoming a partner in 1980 and serving as co-head of the Mergers and Acquisitions department from 1985 to 1988.

He is a board member at Boston Private Financial Holdings, the Boston University School of Public Health, the United States Naval Institute and Harvard University’s Committee on Student Excellence and Opportunity. He is CEO of the Compass Partners European Equity Fund.

Additionally this week, Valero and another San Antonio oil corporation won sizable contracts from the Department of Defense.

The Defense Energy Support Center selected Valero Marketing and Supply Co. to supply aviation fuel to the U.S. military. The contract is worth $381 million over the next year. (The company is a subsidiary of Valero Energy Corp.)

The Defense Energy Support Center also chose Tesoro Hawaii Corp. to supply aviation fuel under a $198.9 million contract. Tesoro will ship the fuel from its 95,000 barrel-per-day refinery in Kapolei, Hawaii. (The company is a subsidiary of Tesoro Corp.)

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