Valero Energy Corporation has appointed LPL Financial Holdings President and Chief Financial Officer Matt Audette as an independent director, strengthening the energy company’s financial, accounting and risk oversight as it manages a diversified refining and low-carbon fuels portfolio.
The appointment took effect immediately, with Audette also joining Valero’s Audit Committee. His more than 15 years of experience as a public-company CFO brings additional expertise in finance, accounting, risk management, compliance and operations to the board.
Audette currently serves as President and CFO of LPL Financial Holdings, which operates an independent broker-dealer alongside investment advisory and custody businesses serving the financial advisor-mediated market.
At LPL Financial, his responsibilities extend across financial management, risk, compliance, supervision, client service and operations. The role has given him experience overseeing multiple functions within a large, regulated publicly traded company.
Before joining LPL Financial, Audette served as Executive Vice President and CFO of E*TRADE Financial Corporation, where he also held other executive and senior management positions.
“We are very pleased to welcome Matt to our board,” said Valero Chairman, CEO and President Lane Riggs. “With over 15 years of experience as a public company CFO, Matt will complement and enhance the existing depth of financial and accounting expertise on our board.”
Financial oversight across refining and low-carbon fuels
Audette’s appointment comes as Valero oversees a capital-intensive business spanning conventional petroleum refining, renewable diesel, sustainable aviation fuel and ethanol.
The company operates 14 petroleum refineries across the United States, Canada and the United Kingdom, with combined throughput capacity of approximately 3 million barrels per day. Its portfolio includes petroleum-based and low-carbon liquid transportation fuels and petrochemical products, with sales primarily across the U.S., Canada, the U.K., Ireland and Latin America.
Valero also has exposure to renewable fuels through its joint venture interest in Diamond Green Diesel Holdings. The business produces renewable diesel and sustainable aviation fuel and has approximately 1.2 billion gallons of annual production capacity in the U.S. Gulf Coast region.
Its ethanol business comprises 12 plants in the U.S. Mid-Continent region, with combined production capacity of approximately 1.7 billion gallons per year.
Valero manages these activities through its Refining, Renewable Diesel and Ethanol business segments.
Audit Committee gains additional risk expertise
Audette’s addition to the Audit Committee gives the board further experience in financial controls and oversight of large publicly traded businesses.
His professional background combines public accounting with senior-level corporate finance and broader risk, compliance and operational responsibilities. He began his career in public accounting, working in auditing and advising financial services clients.
He holds a bachelor’s degree in accounting from Virginia Tech.
For Valero, the board appointment adds another layer of financial and risk-management expertise as the company continues to oversee a diverse asset base exposed to commodity markets, regulatory requirements, industrial operations and capital investment.
Bioenergy Business Analysis
Valero’s board appointment highlights the growing financial and governance complexity of a business that combines conventional refining with renewable diesel, sustainable aviation fuel and ethanol. These businesses involve different feedstocks, markets, regulatory frameworks and capital requirements, making financial controls and risk oversight significant at board level.
Audette’s experience across finance, risk, compliance and operations adds to that oversight. His appointment does not itself signal a change in Valero’s renewable fuels strategy, but it strengthens the board’s stated financial and accounting expertise as the company manages its diversified transportation-fuels portfolio.
