Valvoline Inc. 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 Ccompany’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, CEO.
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.”
