Valero Energy's HR Practices and Culture
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Case Details:
Case Code : HROB076
Case Length : 14 Pages
Period : -
Pub. Date : 2006
Teaching Note :Not Available
Organization : Valero
Industry : Energy and Utilities
Countries : USA
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HROB076) click on the button below, and select the case from the list of available cases:
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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.
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"I was given an opportunity to join a company with a great culture that is very growth oriented."
- Jean-René Fourtou, Chairman of the supervisory board, Vivendi Universal in July 2002.1
"At Valero, we firmly believe that our dedication to our employees is the root of all our success. We believe that if you take care of the employees, they'll take care of the community and the share holders. And, I'm happy to say that our numbers back up this belief."
- - Bill Greehey, Chairman and CEO of Valero Energy in 2005.2
New CEO for Valero
In late October 2005, Bill Greehey (Greehey), Chairman and CEO of Valero Energy Corp. (Valero), one of the biggest energy companies in the US, announced that he would 'transition out of his role' as the CEO of the company in favor of Bill Klesse (Klesse), the company's Executive Vice President and Chief Operating Officer.
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Klesse would take over as CEO in early 2006; in the meantime, he would work closely with Greehey (who would continue as Chairman) to acquaint himself with the various facets of the CEO's job. Soon after the announcement was made, Klesse was elected to Valero's board of directors to serve as Vice Chairman of the board under Greehey.
"I'm looking forward to working with Bill to continue Valero's growth and success in the years ahead. With Bill's continued involvement and the strong management team that is in place, I am confident that we'll continue to grow and achieve tremendous success, while preserving Valero's special corporate culture, which always puts employees first," said Klesse.3
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Valero enjoyed a reputation among America's workforce as one of the best employers in the country. However, what it was best known for was its employee-oriented human resource management practices and positive work culture, which put employees before monetary considerations. Valero was also in the forefront where safety, shareholder return, social responsibility, and community service were concerned.
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Valero's reputation as a good employer was strengthened by the fact that it had not laid off a single employee since it came into existence in 1980 -- a rarity in the turbulent energy sector. Valero's systematic succession planning was also lauded by analysts as a reflection of the company's good human resource (HR) practices. According to them, a smooth transition in the top leadership was essential for any company to maintain its stability. Erratic succession planning and sudden changes in leadership (which happened more often than not in corporate America) were detrimental to employee morale and work culture. In this regard, Greehey and Klesse were going about succession planning in the right way, they said. |
Valero Energy's HR Practices and Culture
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