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– John Hu, China

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Biography: William E. (Bill) Greehey
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"That is the sacred trust that we have with our employees, that there will not be any layoffs. And it's been satisfied through growth. You know if you have surplus people for a short period of time, you can always accommodate them."

– William E. Greehey,
Valero Energy Corporation

Biography: William E. (Bill) Greehey

Episode 405:
Putting the Brakes on Fuel and Transportation Costs

Featured Guest:
William E. (Bill) Greehey, Chairman
Valero Energy Corporation

Bill Greehey is Chairman of the Board of Valero Energy Corporation, which is based in San Antonio. From the company's inception in 1980 through Jan. 1, 2006, Mr. Greehey served as Chief Executive Officer and Chairman of the Board. U nder his leadership, Valero grew to become the largest refining company in North America with approximately 22,000 employees, assets of $33 billion and revenue of more than $80 billion, which would rank the company among the top 15 on the current Fortune 500 listing.

Valero is consistently ranked one of the "100 Best Companies to Work For" by Fortune magazine, rising to No. 3 in 2006. Forbes magazine ranked Valero on its listing of the "Platinum 400-Best Big Companies" for its superior financial performance and shareholder return in 2005 and 2004; and for two consecutive years (2005 and 2004) Platts ranked Valero No. 1 among the world's refining companies on its Top 250 Global Energy Companies listing.   Investor's Business Daily ranked Valero No. 3 on its "Big Cap 20" list for being one of the top performers on the S&P 500 Index, and BusinessWeek placed it at No. 4 among the "BusinessWeek 50."  Forbes also recognized Valero on its 2005 listings of "Best-Managed Companies in America" and "Fastest-Growing Big Companies," while Fortune named Valero one of America's "Most Admired Companies" and the No. 1 oil and gas company among its "100 Fastest-Growing Companies."  For its commitment to community service, Valero received the "Spirit of America" Award, United Way's highest corporate honor, in 1992 and 2003, making it one of only two companies to have received the honor twice.  It was also one of nine U.S. companies to receive the 1999 "Award for Excellence in Corporate Community Service" from the Points of Light Foundation; and it was ranked No. 15 out of the Fortune 500 in terms of corporate philanthropy by the Council on Economic Priorities and Worth magazine (at the time the company was ranked No. 259 in terms of revenue).  Also in response to the company's significant contributions to its communities, Mr. Greehey and Valero were featured on the cover of Philanthropy magazine in September 2003.

Mr. Greehey serves on the Board of Trustees of the United Way of San Antonio and Bexar County and on the Board of the Southwest Foundation for Biomedical Research.  He also serves on the Board of Trustees of St. Mary's University in San Antonio, which named him a Distinguished Alumnus in 1986, granted him an honorary doctorate of philosophy in 1998, and named its business school in his honor in 2005.  He acted as campaign chairman of the St. Mary's $22 million Alumni Athletics & Convocation Center, and subsequently, the university named its arena in his honor. Mr. Greehey joined the National Executive Board of the Boy Scouts of America (BSA) in 1992.  He currently serves as a member of the BSA National Advisory Council and is past president of the Alamo Area Council BSA.  In 1987, the Alamo Area Council presented him with the Silver Beaver Award for his support of Scouting and his distinguished service to youth.  And in 2001, he received the Good Scout Award, the Council's highest honor, which is presented to individuals whose leadership in business, education and community service has made a difference in the community.  In addition, Mr. Greehey is past president and past campaign chairman of the United Way of San Antonio and Bexar County and past chairman of the San Antonio Economic Development Foundation.  He's also served on the Board of the Greater San Antonio Chamber of Commerce.

In 2002, Mr. Greehey was inducted into the Texas Business Hall of Fame, which honors members of the state's business community whose visions and careers have helped to place Texas at the forefront of the 21st century economy.  In 2000, he was selected as one of 10 American leaders to receive the prestigious Horatio Alger Award, which recognizes individuals who have climbed from humble beginnings to personal and professional success, and have achieved the "American Dream."  Also in 2000, the American Academy of Achievement presented Mr. Greehey with its "Golden Plate Award" and inducted him into the Academy's Museum of the American Dream.  Previously, he received the 1999 International Citizen of the Year Award from San Antonio's World Affairs Council.  In 1998, Mr. Greehey was presented with the Outstanding Philanthropist Award from the San Antonio Chapter of the National Society of Fund Raising Executives; and he was inducted into the San Antonio Business Hall of Fame by Junior Achievement.  Based on his community service record, he received the 1993 Entrepreneur of the Year Award in the Socially Responsible Category.

A native of Fort Dodge, Iowa, Mr. Greehey served four years in the United States Air Force.

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