LEXINGTON, Ky., Dec. 2, 2021 /PRNewswire/ -- Valvoline Inc.
(NYSE: VVV), a global leader in vehicle care powering the future of
mobility through innovative services and products, announced today
that the Company's Board of Directors is conducting a search to
identify and appoint one or more new Board members with significant
experience in the areas of electric vehicles, energy transition
and/or autonomous transportation. The new Board member or members
would support the Company's positioning in the evolving
transportation landscape. Valvoline will seek to identify a
candidate by May 1, 2022. The
Company is conducting a simultaneous search for a new president for
its Retail Services business. A leading executive search firm
has been engaged to assist with both searches.
"We are pleased to announce our director search as we work
aggressively in parallel to pursue the separation of Retail
Services and Global Products," said Sam
Mitchell, Chief Executive Officer.
The Company has held constructive discussions with Chicane
Capital Management, LP, the investment manager to current
shareholder Chicane Opportunities Fund, LP about board composition
and identifying candidates with the relevant experience and
expertise. Steve Kirk,
Chairman of the Board commented, "We value the perspectives of our
shareholders and appreciate the constructive discussions that we've
had with Chicane Capital. We look forward to continuing to
engage with shareholders as we pursue the separation."
"We applaud Valvoline's commitment to add new voices to the
boardroom," said Georgina L.
Russell, the managing partner of Chicane Capital. "This is
the right action to sustain Valvoline's momentum. We are eager to
see the Valvoline Board continue to pursue transformative actions
that unlock value. We are confident that the Valvoline Board will
identify and appoint forward-looking thinkers who can assist with
the Board's focus on shareholder value."
About ValvolineTM
Valvoline Inc. (NYSE:
VVV) is a global leader in vehicle care powering the future of
mobility through innovative services and products for vehicles with
electric, hybrid and internal combustion powertrains. Established
in 1866, the Company introduced the world's first branded motor oil
and developed strong brand recognition and customer satisfaction
ratings over the years across multiple service and product
channels. The Company operates and franchises approximately 1,600
service center locations and is the No. 2 and No. 3 largest chain
in the U.S. and Canada,
respectively, by number of stores. With sales in more than 140
countries and territories, Valvoline's solutions are available for
every engine and drivetrain, including high-mileage and heavy-duty
vehicles, and are offered at more than 80,000 locations worldwide.
Creating the next generation of advanced automotive solutions,
Valvoline has established itself as the world's No. 1 supplier of
battery fluids to electric vehicle manufacturers, offering tailored
products to help extend vehicle range and efficiency. To learn
more, or to find a Valvoline service center near you, visit
valvoline.com.
Forward-Looking Statements
Certain statements in this
press release, other than statements of historical fact, including
estimates, projections and statements related to Valvoline's
business plans and operating results, are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Valvoline has identified some of these
forward-looking statements with words such as "anticipates,"
"believes," "expects," "estimates," "is likely," "predicts,"
"projects," "forecasts," "may," "will," "should" and "intends" and
the negative of these words or other comparable terminology. These
forward-looking statements are based on Valvoline's current
expectations, estimates, projections and assumptions as of the date
such statements are made and are subject to risks and uncertainties
that may cause results to differ materially from those expressed or
implied in the forward-looking statements. Additional information
regarding these risks and uncertainties are described in the
Company's filings with the Securities and Exchange Commission (the
"SEC"), including in the "Risk Factors," "Management's Discussion
and Analysis of Financial Condition and Results of Operations" and
"Quantitative and Qualitative Disclosures about Market Risk"
sections of Valvoline's most recently filed annual report on Form
10-K, which is available on Valvoline's website at
http://investors.valvoline.com/sec-filings or on the SEC's website
at http://www.sec.gov. Valvoline assumes no obligation to update or
revise these forward-looking statements for any reason, even if new
information becomes available in the future, unless required by
law.
TM Trademark, Valvoline or its subsidiaries,
registered in various countries
SM Service mark, Valvoline or its subsidiaries,
registered in various countries
FOR FURTHER INFORMATION
Sean T. Cornett
Sr. Director, Investor Relations
+1 (859) 357-2798
scornett@valvoline.com
Michele Gaither Sparks
Sr. Director, Corporate Communications
+1 (859) 230-8097
michele.sparks@valvoline.com
Jamie Tully/Warren Rizzi/Devin
Broda
Valvoline-SVC@sardverb.com
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SOURCE Valvoline Inc.