Valero Energy GC Jay Browning to Retire, Successor Named
Jason Fraser will serve as Valero's new top lawyer after Browning steps down. Fraser previously oversaw Valero's European commercial businesses as the company's London-based vice president.
November 07, 2018 at 04:43 PM
3 minute read
Jason Fraser, with Valero.
Valero Energy's top lawyer and executive vice president, Jay Browning, will retire at the end of the year, when the international fuel manufacturing and marketing company's senior vice president and counsel, Jason Fraser, will take over the legal department.
Browning, 60, has been with the San Antonio, Texas-based company since 1993. He received nearly $5 million in total compensation for Fiscal Year 2017, according to his Bloomberg profile. That same year, Valero reported $93.98 billion in revenue. The company operates 15 refineries in the U.S., Canada and the United Kingdom that have a combined annual production capacity of 1.45 billion gallons.
Before he joined Valero, Browning was an associate who handled corporate and securities work at the San Antonio office of Akin Gump Strauss Hauer & Feld. Browning also had a stint as a transactions lawyer at Baker Botts in Austin. He graduated from the Texas Tech University School of Law in 1990.
Browning said in a prepared statement that he has “complete faith that our legal group is in good hands” with Fraser, who has a “broad business, public policy and legal background.” Fraser, a Harvard Law School grad, joined Valero in 1999.
Fraser previously oversaw Valero's European commercial businesses as the company's London-based vice president. He was elected senior vice president and counsel in May. He'll take over as general counsel on Jan. 1, 2019, when Browning retires.
“While we wish Jay well in retirement and will miss him greatly, we are pleased Jason will have the opportunity to step into the general counsel position,” said Joe Gorder, Valero's CEO, chairman and president. “Jason's experience has prepared him well for this critical role.”
Gorder told investors during an earnings call in October that he was “optimistic” about the fourth quarter and looking ahead to 2019.
“Global economic activity continues to grow at a reasonable pace. In the U.S., unemployment rates are at record lows,” he said. “Domestic and international product demand is strong.”
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