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    Lori A. Flees

    President and Chief Executive Officer at Valvoline Inc
    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 Inc

    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