Board Member Stephen F. Kirk Named New Chairman
LEXINGTON, Ky.--(BUSINESS WIRE)--
Valvoline Inc. (NYSE:VVV), a leading worldwide supplier of premium
branded lubricants and automotive services, announced today that William
A. Wulfsohn, who served as Valvoline’s founding chairman during its
initial year as a public company, will step aside from his position as
chairman of the board as of Sept. 30, 2017, the company’s fiscal year
end. Wulfsohn has also stated he will not stand for re-election at the
company’s 2018 annual shareholder meeting. Wulfsohn is chairman and
chief executive officer of Ashland Global Holdings Inc., Valvoline’s
former parent company. Wulfsohn joined Valvoline’s board last year to
guide Valvoline™ through its separation from Ashland and first year as a
publicly traded company. Wulfsohn’s announcement that he will step aside
as chairman and later retire from his board position at Valvoline comes
one year following Valvoline’s initial public offering in September 2016.
“I joined the Valvoline board to assist the company through its
transition from a longtime commercial unit of Ashland to a separate,
publicly traded company,” Wulfsohn said. “Here on the first anniversary
of Valvoline’s IPO and the end of its first fiscal year, it is clear
that Valvoline has fully transitioned and is functioning well as a
public company separate and apart from Ashland. The time is right for me
to step aside and watch Valvoline thrive in this new chapter of its
history.”
Valvoline and its board are extremely appreciative of Wulfsohn’s
contribution to Valvoline’s early success as a separate and independent
company. Valvoline CEO Sam Mitchell said, “Working with Bill on the
separation of Valvoline from Ashland has been a pleasure, and having his
support during this first year as a public company has been invaluable.
We’re in a strong position to build on the foundation that Bill helped
put in place.”
The board has unanimously named Stephen F. Kirk to replace Wulfsohn as
board chairman. Kirk has served as an independent director on
Valvoline’s board and is the chair of Valvoline’s compensation
committee. Kirk brings with him extensive board and industry experience.
Kirk served in an executive role at the Lubrizol Corporation from 1992
until his retirement in 2011. He also previously served on the boards of
Ashland Global Holdings and Robbins & Myers, Inc.
Kirk said, “On behalf of the Valvoline board, I thank Bill for his
service and leadership. Valvoline is off to an exceptional start because
of the leadership that Bill provided in our pivotal first year. I look
forward to serving as Valvoline’s chairman and guiding the company as it
continues grow and prosper into the future.”
About Valvoline™
Valvoline Inc. (NYSE:VVV) is a leading worldwide producer and
distributor of premium branded automotive, commercial and industrial
lubricants, and automotive chemicals. Valvoline ranks as the #2
quick-lube chain by number of stores and #3 passenger car motor oil
brand in the DIY market by volume in the United States. The brand
operates and franchises more than 1,070 Valvoline Instant Oil Change℠
centers in the United States. It also markets Valvoline™ lubricants and
automotive chemicals; MaxLife™ lubricants created for higher-mileage
engines; SynPower™ synthetic motor oil; and Zerex™ antifreeze. Visit www.valvoline.com
to learn more.
™ Trademark, Valvoline or its subsidiaries, registered in various
countries
℠ Service mark, Valvoline or its subsidiaries, registered in various
countries
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Source: Valvoline Inc.