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Lori A. Flees

President and Chief Executive Officer at VALVOLINE
Board
Since October 1, 2023
Age
54 years
Education
Holds a Bachelor of Arts in Management Systems from Kettering University and a Master of Business Administration from Harvard Business School.
Tenure
Joined VVV in April 2022 as Senior Vice President and President of Retail Services, and was promoted to President and Chief Executive Officer on October 1, 2023.

Also at VALVOLINE

DRS
Dione R. Sturgeon
Vice President, Chief Accounting Officer, and Controller
JLC
Jonathan L. Caldwell
Senior Vice President and Chief People Officer
JMO
Julie M. O’Daniel
Senior Vice President, Chief Legal Officer, and Corporate Secretary

About

Lori A. Flees is a seasoned executive with a diverse career spanning strategic consulting and large-scale retail operations. Over the years, her roles at recognized firms such as Bain & Company and Walmart have equipped her with a wealth of experience and an ability to drive operational excellence.

In her early career, a 17-year tenure at Bain & Company allowed her to develop expertise across various industries including consumer goods, industrial manufacturing, and energy, providing a solid foundation in strategic planning and performance improvement.

At Walmart, she led several high-impact initiatives in corporate strategy and retail innovation, delivering significant contributions to operational growth and efficiency across multiple business segments.

Since joining VVV, her leadership has been marked by a transformative approach, focusing on expanding the retail services network and executing customer-focused strategies. Her ongoing contributions highlight a commitment to excellence and innovation in the evolving automotive services industry.

$VVV Performance Under Lori A. Flees

Past Roles

OrganizationRoleDate RangeDetails
Valvoline Inc.Senior Vice President and President of Retail ServicesApril 2022 - September 2023Led Retail Services overseeing over 1,800 service centers
Walmart Inc.Senior Vice President and Chief Operating Officer, Walmart Health & WellnessAugust 2020 - March 2022Oversaw Walmart Health & Wellness operations
Walmart Inc.Senior Vice President and General Merchandising Manager, Sam’s Club Health & WellnessJune 2018 - August 2020Held key merchandising role at Sam’s Club
Walmart Inc.Senior Vice President, Next Generation Retail and Principal, Store No. 8September 2017 - June 2019Managed next-generation retail initiatives
Walmart Inc.Senior Vice President, Corporate StrategyJanuary 2014 - August 2017Led corporate strategic planning efforts
Bain & CompanyVarious Leadership PositionsN/A (17 years)Worked in consumer goods, engineering, construction, industrial manufacturing, and oil & gas

Fixed Compensation

Data from  FY 2024
Component NameAmountPayment ScheduleAdditional Details
Salary$892,308 Fiscal 2024Base Salary
Option Awards$625,109 Grant Date: November 16, 202342,010 options at an exercise price of $34.94 ; Grant Date Fair Value of $625,109
All Other Compensation$131,563 Fiscal 2024401(k) Plan Employer Contributions: $33,538; Matching Charitable Contributions: $1,950; Non-Qualified Defined Contribution Employer Contributions: $76,951; Financial Planning: $13,976; Executive Physicals: $5,148
Non-Qualified Deferred CompensationAggregate Balance: $1,303,170 As of September 30, 2024Executive Contributions: $455,946; Registrant Contributions: $69,782; Aggregate Earnings: $205,860
Potential Payments Upon Termination or Change in ControlVaried amounts (see details)Event-basedTermination prior to a Change in Control without Cause: $2,649,860; Disability: $2,340,457; Resignation/Termination for Cause: $1,619,294; Change in Control without Termination: $1,619,294; Termination after Change in Control without Cause or for Good Reason: $9,954,935

Performance Compensation

Data from  FY 2024

Stock Awards Performance

ComponentGrant DateGrant Date Fair ValueGrant Date Stock PricePerformance MetricsVesting Schedule
PSUsNovember 16, 2023 $1,875,693 $34.94 Adjusted EPS: Threshold $2.063 , Target $2.165 , Maximum $2.268 ; Relative TSR modifier: -25% to +25% 3 years, contingent on performance
RSUsNovember 16, 2023 $625,311 $34.94 Time-based awards; no performance metricStandard vesting schedule
SARsNovember 16, 2023 $625,109 $34.94 Not performance-basedTypically multi-year; details not specified

Non-Equity Incentive Compensation

MetricThresholdTargetMaximumActual AchievementWeightPayout
Net Sales$1,569.4 million $1,652.0 million $1,817.2 million $1,626.2 million (98.4% of target) 50% Payout scale: 50% to 200%; actual payout of 84.2% ($750,877)
Adjusted EBIT$329.0 million $346.3 million $380.9 million $340.7 million (98.4% of target) 50% Payout scale: 50% to 200%

*Additional adjustments: $7.2 million to Net Sales and $4.3 million to Adjusted EBIT were approved. Also, the target annual incentive opportunity was increased from 75% to 100% of eligible base salary ($892,308). *

Long-Term Incentive Compensation

ComponentGrant Date Fair ValueGrant Date Stock PricePerformance MetricThresholdTargetMaximumVesting Schedule
PSUs$1,250,382 $34.94 Adjusted EPS$1.856 $2.063 $2.268 3 years
RSUs$625,311 $34.94 N/A (time-based)N/AN/AN/AAs per standard vesting (time-based)
SARs$625,109 $34.94 N/AN/AN/AN/AVesting details not specified