NuStar Energy L.P. announced that Bill Greehey will step down from his position as NuStar's chairman of the board and become chairman emeritus, effective immediately. The board of directors has elected Brad Barron, president and CEO, as the new chairman. Greehey, 86, has served as chairman of NuStar and its predecessor Valero L.P. since 2001, and remained chairman after NuStar spun off from Valero Energy Corporation as an independent company in 2007.

He has helped build NuStar into one of the largest petroleum pipeline and terminal operators in America. He previously served as the founding CEO and chairman of Valero Energy Corporation from the company's inception in 1980 until he retired as CEO in 2005 and as chairman in 2007. Under Greehey's leadership, Valero grew from a small, regional pipeline company into the largest refining company in North America, which ranked No.

15 on the FORTUNE 500 and No. 3 on the FORTUNE 100 Best Companies to Work For list when he retired as CEO. In 2012, The Harvard Business Review named him one of the best-performing CEOs in the world based on his tenure as CEO of Valero, ranking No.

12 in the U.S and No. 31 in the world. A nationally renowned philanthropist, Greehey established The Greehey Family Foundation in 2003, and he has funded it with over $200 million, plus he has given hundreds-of-millions of dollars to hundreds of worthy charitable causes.

This includes more than $40 million to UT Health to fund research and treatment for children's cancer and to discover a cure for Alzheimer's, as well as other health-related programs. He also has given more than $31 million to create The Greehey School of Business at St. Mary's University in San Antonio, his alma mater. And, he has invested $8 million to establish scholarships for first-generation college students at six universities in the San Antonio area.

Greehey also founded and serves as chairman of Haven for Hope, known as the national model in the fight against homelessness, which provides every resource needed to help the homeless transform their lives. Greehey raised over $101 million to make Haven for Hope, which opened in 2010, a reality for the community. He has given more than $33 million of his own money to support Haven and its partner agencies, and with the help of NuStar employees and business partners, he has raised over $51 million to fund Haven's operations over the past 15 years.

In addition, Greehey has provided leadership and funding to help countless nonprofits flourish throughout the community for decades, including the United Way of San Antonio and Bexar County; the Girl Scouts of Southwest Texas; the Boy Scouts of America, Alamo Area Council; San Antonio Sports; and the Alamo Bowl, just to name a few. In 2002, Greehey played a pivotal role in saving the Texas Open by stepping up to serve as the title sponsor on the heels of Valero's acquisition of Ultramar Diamond Shamrock, which preserved the oldest PGA tournament held in the same location for San Antonio, as well as the hundreds of millions of dollars it has generated for local nonprofits. Since Valero became the title sponsor, the tournament has become the annual leader in charitable fundraising among all PGA Tour events.

Greehey has earned accolades far and wide for his business acumen and philanthropy, including the prestigious Horatio Alger Award for Americans who have overcome significant obstacles to achieve tremendous success; the Golden Plate Award from the Academy of Achievement; the San Antonio Business Journal's Lifetime Achievement Award; induction into the Texas Business Hall of Fame; and honorary doctorate degrees from Our Lady of the Lake University and St. Mary's University. Barron has served as NuStar's president and CEO since 2014.

Prior to his current position, he served as NuStar's Executive vice president and general counsel. Before joining NuStar, Barron was managing counsel of Valero Energy Corporation, and he started his career with Vinson & Elkins LLP.