*The original post of this story misspelled CST Brands CEO Kim Bowers as Karen Bower. The correction is now reflected in the copy.
Valero is spinning off its retail operation under the new name CST Brands, Inc. for all of its 1,900 stores across the U.S. and Canada.
CST Brands CEO
Karen Bower Kim Bowers said the new company comes to the market as a Fortune 220 Company, a good deal for the shareholders.
"You know, from a Valero perspective, it’s creating value for the Valero shareholder. So for every nine shares a Valero shareholder has, he’s going to get one CST share and so they get to participate in both those different businesses. And we just trade differently on the stock exchange and in the marketplace," she said.
CST becomes the second largest publicly-traded fuel retailer in North America, and the third largest public company in San Antonio.
Things have improved for Valero in the last year. The company reported first quarter net income of $654 million this year, an improvement from the $432 million net loss it reported for the same period last year.
Bower Bowers said employees will all keep their jobs and they have added about 60 additional employees. Stores will look the same and still be called Corner Stores with the Valero signs at the street indicating the day’s price for gasoline.