Valvoline Establishes ESG and Equality Council to Support Continued Progress on Sustainabilty, DE&I and Governance Matters
December 02 2022 - 4:48PM
Business Wire
Valvoline Inc. (NYSE: VVV), a trusted leader in preventive
automotive maintenance delivering quick and convenient service,
today announced that it has established an internal ESG and
Equality Council (the “Council”) to guide and support the Company’s
continued progress on Environmental, Social and Governance (“ESG”)
initiatives as it transitions into a pure-play retail services
business. The creation of the Council follows the Company’s
constructive discussions with Chicane Capital Management, LP,
(“Chicane”), the investment manager to current Valvoline
shareholder, Chicane Opportunities Fund, LP.
The Council will be overseen by Valvoline’s Board of Directors
through its Governance & Nominating Committee, and led by Julie
O’Daniel, Senior Vice President, Chief Legal Officer and Corporate
Secretary of Valvoline. Valvoline director Carol H. Kruse, the
former Senior Vice President and Chief Marketing Officer at ESPN
and Cambia Health Solutions, will be joining the Council, as will
other senior executives of Valvoline. The Council will focus on
strengthening Valvoline’s commitment to diversity, equity and
inclusion (“DE&I”), including gender, racial and LGBTQ
inclusion, and will work to further Valvoline’s efforts to
integrate sustainability into the company’s business operations.
The Council will enhance these initiatives with corporate
governance practices and will work closely with Valvoline’s
employee-driven DEI Council to deepen the Company’s commitment to
an inclusive culture for all.
“Achieving the highest standards of ESG performance requires
ongoing diligence and continually raising the bar,” said O’Daniel.
“We appreciate the input from Georgina Russell, the managing
partner of Chicane, over the past several weeks as we worked
together to develop the idea for the Council. Supporting DE&I
initiatives and acting as a good corporate citizen are fundamental
to our values and the Council will be instrumental in guiding our
continued ESG progress, especially as we complete the sale of our
Global Products business, expected in early 2023. We value input
from our shareholders and look forward to continuing our
discussions with Chicane.”
"We are pleased that Valvoline has formed this goal-oriented and
disclosure-focused Council to engender a more inclusive workplace.
With the announced separation of the Global Products business, the
formation of this Council comes at an ideal time as Valvoline
enters this next chapter in the company’s history. The new
Valvoline is poised to embrace the energy transition while creating
value for all stakeholders," said Russell. “We look forward to
working with the Board and management as Valvoline shapes its
strategy for the future.”
More information regarding Valvoline’s existing highly rated
corporate governance and ESG initiatives can be found in the
Company’s CSR report available on the company’s website.
About ValvolineTM
The Quick, Easy, Trusted name in preventive vehicle maintenance,
Valvoline Inc. (NYSE: VVV) leads the industry with automotive
service innovations that simplify consumers lives and take the
worry out of vehicle care. With an average consumer rating of 4.6
out of 5 stars*, Valvoline has built the model for transparency and
convenience in automotive maintenance. From its 15-minute,
stay-in-your-car oil change to cabin air filters to battery
replacements to tire rotations, the Company’s model offers
maintenance solutions for all types of vehicles, including electric
vehicles (EVs). The Company operates and franchises over 1,700
service center locations through its Valvoline Instant Oil ChangeSM
and Great Canadian Oil Change retail locations. To learn more, or
to find a Valvoline service center near you, visit
valvoline.com.
TM Trademark, Valvoline or its subsidiaries, registered in
various countries
SM Service mark, Valvoline or its subsidiaries, registered in
various countries
* Based on a survey of over 250,000 Valvoline Instant Oil
Change℠ customers annually
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 periodic reports on Forms 10-K and 10-Q, which
are 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20221202005474/en/
Investor Contacts: Sean T. Cornett Sr. Director, Investor
Relations +1 (859) 357-2798 scornett@valvoline.com Media Contacts:
Michele Gaither Sparks Sr. Director, Corporate Communications +1
(859) 230-8097 michele.sparks@valvoline.com Warren Rizzi/Devin
Broda/Jamie Tully Valvoline@fgsglobal.com
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