Jason Fraser, with Valero.San Antonio-based Valero Energy Corp. announced that its general counsel will become its next chief financial officer.
Jason Fraser will begin his role as the company’s CFO on July 15, according to a press release. He will be taking over for Donna Titzman, who will be retiring in July. Titzman joined the company in 1986 as an accountant and became CFO in 2018.
“The capital discipline that has been a constant in Valero’s strategy, including the prudent management of our strong balance sheet and delivering on our commitment to stockholders, will remain an uncompromising priority while we proactively address the uncertainties that we face in the current environment,” Fraser said in the press release.
Fraser has served as the company’s general counsel since January 2019. In his first year as the company’s top lawyer, he brought in total compensation of $5.5 million. During 2019, Titzman brought in $4.3 million in total compensation, according to Securities and Exchange Commission filings. It is not clear what Fraser will be making as CFO.
Fraser joined Valero in 1999 as managing counsel. Before becoming general counsel he served as president of the company’s European commercial operations and vice president of specialty products marketing. He has also held roles as an associate at Jackson Walker and Kelly Hart & Hallman. Fraser graduated from Harvard Law School and has a bachelor’s degree in business from the University of Texas at Austin.
Deputy general counsel Richard Walsh has been promoted to general counsel. His biography on the company’s website reads much of his work has involved interfacing with agencies such as the Coast Guard, Homeland Security, the Environmental Protection Agency and the Federal Energy Regulatory Commission. He is a graduate of the University of Oklahoma College of Law.
“We are extremely excited to have Jason move into the CFO role with Rich taking on the General Counsel position, and are confident in their ability to help Valero execute on its strategic objectives and ensure its continued financial strength,” Joe Gorder, Valero’s chairman and CEO, said in the press release.
A spokesperson for Valero did not respond to request for additional comment Monday.
It is not clear if Fraser worked closely with Titzman during his time as general counsel. However, a number of public accountants previously told Corporate Counsel that CFOs and general counsel have begun to closely work together in recent years. Last year, Ideaya Biosciences Inc. named its general counsel to be its CFO. Blackboard Inc. also placed its top lawyer in the interim CFO seat in 2019.
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June 23, 2020 at 02:23AM
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