United States. Valvoline announced that Sam Mitchell will retire as CEO and board member effective Sept. 30. Mitchell will be replaced by Lori Flees, current president of retail services, as the company's chief executive.
Flees will also join the company's board.
"On behalf of the board, I want to thank Sam for his leadership at Valvoline over the past 21 years," said Rich Freeland, Valvoline chairman of the board.
"During this time, Sam has led the company through a period of exceptional growth and performance, which included a very successful IPO in 2016 and, most recently, the restructuring and separation of Valvoline's Retail Services and Global Products businesses."
"Today, Valvoline is a leader in preventative auto maintenance, and it is from this position of strength that the board of directors accepted Sam's retirement decision."
Mitchell added, "Leading this company has been the highlight of my career. I will always be grateful for the experience of working with the talented and dedicated people at Valvoline, and wish them every success in the future. I have had the privilege of working side by side with Lori for the past year."
"Throughout her career and in our time working together, she has proven to be a strategic thinker with a natural ability to unite teams and drive results."
"The board and I have great confidence that she is the right leader for Valvoline as the company focuses on its future as a high-growth, high-margin, pure play retail services business."
Flees served as president of Valvoline Retail Services for the past year. In this role, he has led the company's operations, driving gross revenue growth and bottom line to new record levels, the company said.
She will continue in her role as president, in addition to serving as the company's chief executive officer.
"Lori is a talented executive with a proven track record of delivering results," said Freeland.
"Over the past year, Lori has become a highly respected member of the management team. Her significant retail and leadership experience uniquely qualifies her to lead Valvoline as she continues to provide best-in-class automotive retail services."
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