Valero Energy Corporation announced on September 17, 2026, that Matthew Audette has been elected as an independent director to the company’s board of directors. The election increases the size of Valero’s board to 11 members. Mr. Audette’s initial term begins immediately and will expire at Valero’s 2027 annual meeting of stockholders. He has also been appointed to the Board’s Audit Committee, effective immediately.
Mr. Audette is the President and Chief Financial Officer of LPL Financial Holdings Inc. (NASDAQ: LPLA), a publicly traded company that serves the financial advisor-mediated marketplace. In his role at LPL, he is responsible for the firm’s financial, risk, compliance, supervision, and client service and operations functions. Prior to joining LPL, he served as Executive Vice President and Chief Financial Officer of E*TRADE Financial Corporation. Mr. Audette holds a B.S. in accounting from Virginia Tech and began his career in public accounting.
Valero’s Chairman, Chief Executive Officer, and President, Lane Riggs, stated that Mr. Audette’s experience as a public company CFO for over 15 years will complement the existing financial and accounting expertise on the board.
Regarding compensation, Valero’s Human Resources and Compensation Committee approved a modest increase beginning in 2027 to the annual cash retainer and equity grant components of its non-employee director compensation program. Mr. Audette is entitled to receive pro-rata compensation for the period from his election on September 17, 2026, to the anticipated date of the 2027 Annual Meeting. This includes a pro-rata equity grant of 372 stock units, which are scheduled to vest in full on the first anniversary of the date of grant, and a pro-rata annual cash retainer in the amount of $101,667.
