Valero’s board authorizes share buyback of up to $2.5 billion

Valero Energy Corp.
VLO,
-1.56%
late Friday said that its board of directors has authorized a stock buyback of up to $2.5 billion, with no expiration date. The buyback is in addition to the amount remaining under Valero’s previous $2.5 billion authorization approved in February. Valero also said that Chief Technology Officer Cheryl Thomas plans to retire around Jan. 2. In the interim, Thomas will help with a transition, the company said. Shares of Valero were flat in the extended session Friday after ending the regular trading day down 1.6%.