Valvoline Inc. (NYSE: VVV) has announced the planned retirement of its Chief Financial Officer, Mary Meixelsperger. Meixelsperger, who joined the company in 2016, will continue as CFO until a successor is hired and will remain with the company through the subsequent transition period.
During her tenure, Valvoline Inc. has seen significant growth and success in its business. In fiscal year 2023, the company's network delivered approximately 27 million services, generating $1.4 billion in revenue from $2.8 billion in system-wide store sales. This marked 17 years of consecutive system-wide same-store sales growth for the company.
Valvoline Inc. operates approximately 2,000 service centers throughout North America, offering a range of services including 15-minute stay-in-your-car oil changes, battery, bulb, and wiper replacements, tire rotations, and other manufacturer recommended maintenance services. The company has received a high customer satisfaction rating, with its service centers rated at 4.6 out of 5 stars based on a survey of more than 900,000 Valvoline Instant Oil Change℠ customers annually.
The company has also emphasized its commitment to its people, with more than 10,000 team members and strong, long-standing franchise partners. Valvoline Inc. has been recognized for its training excellence, having won the BEST Award for training excellence eleven times, and being rated as a top franchisor in its category by Entrepreneur and Franchise Times.
As the company embarks on the search for a new CFO, it aims to continue driving value for all its stakeholders and maintaining its position as a leader in automotive preventive maintenance. Today the company's shares have moved -1.6% to a price of $41.37. For more information, read the company's full 8-K submission here.
