US-based Fortune 500 company Valero Energy has announced that Greg King has decided to resign as the president of the company, effective December 31, 2007.

Bill Klesse, chairman of the board and CEO of Valero Energy, said: This was unexpected, but I want to thank Greg for his dedication to Valero’s success over his more than 14 years with the company. I would also like to personally thank him for his support and loyalty over the last two years. We wish Greg and his family much success and happiness in the future.