---
schema_version: "secwatch.filing_event.v1"
accession: "0001674910-23-000083"
form_type: "8-K"
ticker: "VVV"
cik: "0001674910"
company_name: "VALVOLINE INC"
filed_at: "2023-08-09T23:59:59+00:00"
generated_at: "2026-06-11T22:33:01.568797+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Valvoline Q3 sales +19%, adj EPS +105%; CEO Mitchell to retire, Flees named successor

## Summary
- 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.

## SEC filing metadata
- accession: 0001674910-23-000083
- form_type: 8-K
- ticker: VVV
- cik: 0001674910
- company_name: VALVOLINE INC
- filed_at: 2023-08-09T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1674910/000167491023000083/0001674910-23-000083-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1674910/000167491023000083/vvv-20230803.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001674910-23-000083
- JSON: https://secwatch.observer/filing/0001674910-23-000083.json
- Plain text: https://secwatch.observer/filing/0001674910-23-000083.txt

## Key facts
- Executive change
  Samuel J. Mitchell, Jr. departed as Director at VALVOLINE INC.
  - Action: retiring
  - Role: Director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1674910/000167491023000083/0001674910-23-000083-index.htm
- Executive change
  Lori A. Flees was appointed as Chief Executive Officer at VALVOLINE INC.
  - Action: appointed
  - Role: Chief Executive Officer
  source text: The Board has appointed Lori A. Flees, the Company’s President, Retail Services, to succeed Mr. Mitchell as CEO, effective October 1, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1674910/000167491023000083/0001674910-23-000083-index.htm
- Executive change
  Samuel J. Mitchell, Jr. departed as Chief Executive Officer at VALVOLINE INC.
  - Action: retiring
  - Role: Chief Executive Officer
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1674910/000167491023000083/0001674910-23-000083-index.htm
- Executive change
  Lori A. Flees was elected as Director at VALVOLINE INC.
  - Action: elected
  - Role: Director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1674910/000167491023000083/0001674910-23-000083-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.