by Chris Wack
Valvoline Inc. said that its board of directors is conducting a search to identify and appoint one or more new board members with experience in the areas of electric vehicles, energy transition and/or autonomous transportation.
The car-care company said Thursday that the new board member or members will support Valvoline’s position in the evolving transportation landscape.
Valvoline said it wants to identify a candidate by May 1, 2022. It is simultaneously searching for a new chairman for its retail services business.
It added that an executive search firm has been engaged to assist in both the searches.
The company said it has discussed board structure with Chicane Capital Management LP, the investment manager of current shareholder Chicane Opportunities Fund LP, and the identification of candidates with relevant experience and expertise.
“We value the perspective of our shareholders and appreciate the constructive discussions we have had with Chicken Capital,” said Chairman Steve Kirk. “We look forward to continuing to engage with shareholders to pursue the separation.”
Write to Chris Wack at [email protected]