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.
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