- After seven years in the position
- Praise and thanks for Mitchell
- Lori Flees taking over
- Mitchell said 108 words
(exechange) — Lexington, Kentucky, August 9, 2023 — Sam Mitchell, chief executive of Valvoline, leaves his position. As announced by Valvoline Inc. in a news release and in a regulatory filing published on Wednesday, August 9, 2023, Samuel J. (Sam) Mitchell leaves his post as chief executive officer at the retail automotive services company, after seven years in the role, effective September 30, 2023.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Sam Mitchell’s duties as CEO will be taken over by Lori A. Flees, currently President of Retail Services at Valvoline Inc.
No reason given
In the announcement, Valvoline did not explicitly explain the reason for the move.
Precise information regarding Sam Mitchell’s future plans was not immediately available.
“Retiring”
Valvoline said: “Sam Mitchell is retiring as Chief Executive Officer and a member of the Board of Directors, effective September 30, 2023.”
Valvoline further said: “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.”
Share price increase since August 2018
The announcement follows an increase in Valvoline Inc.’s share price of 61% since August 2018.
In the position of CEO since 2016
Sam Mitchell became CEO of the Company in 2016.
Professional Experience:
Mitchell has served as a director of Valvoline and as Valvoline’s Chief Executive Officer since May 2016 and September 2016, respectively.
Prior to becoming Valvoline’s Chief Executive Officer, Mitchell served as Senior Vice President of Ashland Inc. from July 2011 to September 2016 and President of Valvoline from January 2002 to September 2016.
Education:
Mitchell holds a Bachelor of Science in business administration from Miami University and a Master of Business Administration from the University of Chicago.
He is also a graduate of Harvard Business School’s Advanced Management Program.
Non-Profit Boards:
Mitchell serves on the board of trustees of Transylvania University and the University of Kentucky Gatton College of Business Dean’s Advisory Council.
He also previously served on the board of governors of the Automotive Aftermarket Suppliers Association.
108 words by Sam Mitchell
In the news release announcing his departure as CEO of Valvoline Inc., Sam Mitchell received praise and thanks.
In announcing his departure, Sam Mitchell said 108 words.
“Unite teams and drive results”
Sam Mitchell stated: “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 I wish them all future success. 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.”
Push-out Score for Sam Mitchell’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Sam Mitchell was pushed out or felt pressure to leave his position.
exechange reached out to Valvoline and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 33.2023 ($).