U.S. Markets closed

Virginia International Terminals chief to retire

NORFOLK, Va. (AP) -- The president and CEO of Virginia International Terminals Inc. is stepping down after leading the company for more than two decades.

Media outlets report that 62-year-old Joe Dorto announced Tuesday that he will retire, effective March 31.

Virginia International Terminals operates the Virginia Port Authority's facilities. Dorto has served as the company's leader since 1988.

Port authority Board of Commissioners chairman William H. Fralin says Dorto played a key role in crafting contracts and agreements that helped make the port a major economic force.

The board plans to vote on appointing Joseph P. Ruddy as Dorto's successor at its Jan. 22 meeting. Ruddy is Virginia International Terminals' executive vice president and chief operating officer.