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    Valero Names Stephen M. Waters to Board

    Previous posts include positions with Compass Advisers and Morgan Stanley.

    SAN ANTONIO -- Stephen M. Waters, managing partner of Compass Advisers LLP, was elected to Valero’s board of directors. Waters, who became Valero’s 11th board member, will serve on its Finance Committee.

    "We are honored that Steve has agreed to join our board of directors," Valero Chairman and CEO Bill Klesse said in a statement. "He is well-respected and has a broad knowledge of business and financial issues, and he brings a wealth of experience."

    Waters, 61, is a board member at Boston Private Financial Holdings, the Boston University School of Public Health, the United States Naval Institute and Harvard University’s Committee on Student Excellence and Opportunity. In addition, he is the Chief Executive of the Compass Partners European Equity Fund.

    Subsequent to his recent appointment, Waters was the managing partner of Compass Advisers LLP (since 1996) and the Chief Executive of Compass Partners European Equity Fund since 2005. From 1988 to 1996, he served in several capacities at Morgan Stanley, including co-head of Mergers and Acquisitions.

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