(Citgo, 29.Sep.2020) — Citgo Petroleum chairwoman Luisa Palacios says she’ll step down from her position next month. Her letter follows:
Dear CITGO community,
When I agreed to assume the role of Chairwoman of CITGO in early 2019, the situation required us to focus our attention on three critical goals: to invigorate the company’s governance and management, strengthen the balance sheet and financial resilience, and help the company navigate through a series of legal challenges. We have made significant progress in each of these priorities and – with the crucial phase of the proceedings involving the assets of CITGO entities now concluded – this is a logical moment to consider a transition in my duties.
I have announced to the CITGO Board of Directors my plan to step down as Chairwoman, effective 30 October. I plan to remain on the board and will continue to be engaged with the company in that role. I also intend to spend more time helping the Simón Bolivar Foundation to augment its mission of supporting Venezuela’s complex humanitarian crisis.
Leading the CITGO entities for the last 20 months has been a true honor, and I thank the shareholder and fellow board members for trusting me with such a responsibility. I am aware that my appointment carried additional significance in light of my being the first woman to have held this position at CITGO, and I hope that through our actions I have lived up to the expectations that come with such an assignment.
I am very proud of what we have accomplished together and will remain very appreciative of all that I have learned from the CITGO community.
Please know that I will always be a strong advocate for the mission that we started 20 months ago to enhance CITGO’s financial and operational stability, protect its assets, and strengthen its corporate governance. My door is always open to anyone who wants to contribute to maximizing CITGO’s value for all of its stakeholders, and that includes its impressive and resilient workforce.