LEXINGTON, Ky.–(BUSINESS WIRE)–Valvoline Inc . (NYSE: VVV), a trusted leader in automotive preventive maintenance that provides fast and convenient service, announced today that it has established an internal ESG and Equality Council (the “Council”) to guide and support the Company’s continued progress in on environmental, social and governance (“ESG”) initiatives as it transitions into a pure retail services business. The creation of the Board follows the Company’s constructive discussions with Chicane Capital Management, LP, (“Chicane”), the investment manager of Valvoline’s current shareholder, Chicane Opportunities Fund, LP.
The Board will be overseen by Valvoline’s Board of Directors through the Governance and Nominating Committee and chaired by Julie O’Daniel, Valvoline’s Senior Vice President, Chief Legal Officer and Corporate Secretary. Valvoline executive Carol H. Kruse, former Senior Vice President and Chief Marketing Officer at ESPN and Cambia Health Solutions, will join the Board, as will other senior Valvoline executives. The Board will focus on strengthening Valvoline’s commitment to diversity, equity and inclusion (“DE&I”), including gender, race and LGBTQ inclusion, and will work to further Valvoline’s efforts to integrate sustainability into the company’s business operations. The Board will enhance these initiatives with corporate governance practices and work closely with Valvoline’s employee-led DEI Board 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 of Georgina Russell, Chicane’s managing partner, over the last few weeks as we worked together to develop the idea for the Board. Supporting DE&I initiatives and acting as a good corporate citizen are core to our values, and the Board 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 our contribution from our side. shareholders and we look forward to continuing our discussions with Chicane.”
“We are delighted that Valvoline has formed this goal-oriented and outreach-focused Board to drive a more inclusive workplace. With the announced separation of the Global Products business, the formation of this Board comes at an ideal time as Valvoline enters the 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 on Valvoline’s existing corporate governance and ESG initiatives can be found in the company’s CSR report, available on the company’s website.
About ValvolineTM
The fast, easy and trusted name in preventive vehicle maintenance, Valvoline Inc. (NYSE: VVV) is an industry leader 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 15-minute stay-in-the-car oil changes to cabin air filters to battery replacements and tire rotations, the company’s model offers maintenance solutions for all types of vehicles, including electric vehicles (EVs). The company operates and franchises more than 1,700 service center locations through 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 an annual survey of over 250,000 Valvoline Instant Oil Change℠ customers
Regarding the previous 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 results of operations, 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,” “anticipates,” “projects,” “forecast,” “may,” “will ”, “should” and “intend” 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 these statements are made and are subject to risks and uncertainties that could cause results to differ materially from those expressed or implied by the forward-looking statements. . Additional information regarding these risks and uncertainties is described in the Company’s filings with the Securities and Exchange Commission (“SEC”), including under “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Quantitative”. and Qualitative Disclosures about Market Risk” in Valvoline’s most recent periodic reports filed 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 website. at http://www.sec.gov. Valvoline undertakes no obligation to update or revise these forward-looking statements for any reason, even if new information becomes available in the future, except as required by law.
Contacts
Investor contacts:
Sean T. Cornett
Sr. Director, Investor Relations
+1 (859) 357-2798
Media contacts:
Michele Gaither Sparks
Sr. Director, Corporate Communications
+1 (859) 230-8097
Warren Rizzi/Devin Broda/Jamie Tully