8-K
filed August 9, 2023, 7:59 PM ET
ticker VVV
CIK 0001674910
earnings
confidence high
sentiment positive
materiality 0.85
Valvoline Q3 sales +19%, adj EPS +105%; CEO Mitchell to retire, Flees named successor
VALVOLINE INC
2023-Q3 EPS reported
$8.04
revenue$1,053,500,000
- Sales from continuing ops $376.2M (+19% YoY); adjusted EPS $0.43 (+105%); system-wide SSS +12.5%.
- Completed modified Dutch auction tender offer repurchasing 27.0M shares at $38 for $1.02B.
- CEO Sam Mitchell retiring effective Sept 30, 2023; succeeded by Lori Flees (President Retail Services) on Oct 1.
- Flees receives base salary increase to $900k, target annual incentive to 100% of base, LTI target to $2.5M.
- Net store additions 23 (22 company-operated, 1 franchised); total system-wide stores 1,804.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 1.0
Samuel J. Mitchell, Jr. departed as Director at VALVOLINE INC.
- Action
- retiring
- Role
- Director
Exact text from the filing
Samuel J. Mitchell, Jr., the Company’s Chief Executive Officer (“CEO”) and a member of the Board of Directors (the “Board”), notified the Company’s Board on August 3, 2023 of his intention to retire as CEO and as a member of the Board, effective as of the close of business on September 30, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Lori A. Flees was appointed as Chief Executive Officer at VALVOLINE INC.
- Action
- appointed
- Role
- Chief Executive Officer
Exact text from the filing
The Board has appointed Lori A. Flees, the Company’s President, Retail Services, to succeed Mr. Mitchell as CEO, effective October 1, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Samuel J. Mitchell, Jr. departed as Chief Executive Officer at VALVOLINE INC.
- Action
- retiring
- Role
- Chief Executive Officer
Exact text from the filing
Samuel J. Mitchell, Jr., the Company’s Chief Executive Officer (“CEO”) and a member of the Board of Directors (the “Board”), notified the Company’s Board on August 3, 2023 of his intention to retire as CEO and as a member of the Board, effective as of the close of business on September 30, 2023.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Lori A. Flees was elected as Director at VALVOLINE INC.
- Action
- elected
- Role
- Director
Exact text from the filing
the Board also approved the recommendation of the Governance & Nominating Committee of the Board that Ms. Flees be elected to the Board, effective October 1, 2023.
View on SEC.gov
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