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Wall of Shame: Valero CEO William Klesse

That was quick. Just a day after calling for new inductees onto the Mad Money Wall of Shame, Cramer finds a worthwhile CEO: Valero Energy’s William R. Klesse.

What did Klesse do to deserve this honor? How about delivering a quarterly loss of 50 cents a share despite analysts’ expectations that Valero would earn 73 cents a share. Apparently, longer-than-expected downtime at two refineries, in addition to lower diesel margins and less money from sour-crude processing, hurt the company.

There’s more: Valero plans to sell 40 million shares in a secondary offering at $18.40 a piece. And that’s after buying back 141 million shares for a total of $8.76 billion over the past three years at much higher prices – as much as $68.80 in 2007. And as low as that offering price is, Cramer thinks it could still go lower. Talk about destroying value.

“I can’t think of a thing he would have done differently if his job were to deliberately sabotage the company,” Cramer said of Valero’s CEO.

Mr. Klesse, welcome to the Wall.


Do you know of any CEOs who deserve similar distinction? Send us a note at madmoney@cnbc.com and tell us who it is and why.


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