Valvoline Inc. Releases Its Fiscal Year 2023 Corporate Social Responsibility Report

Rhea-AI Summary

Valvoline (NYSE: VVV) has unveiled its Corporate Social Responsibility (CSR) report for fiscal year 2023. This first report as a pure-play retailer post the sale of Valvoline Global Products outlines significant advancements in people, safety, environmental, and innovation initiatives. Key highlights include a diversified management team with women making up 48% of directors and above, and 57% of executive officers. The company also raised over $1.2 million for the Children's Miracle Network Hospitals and achieved substantial recycling milestones, diverting nearly 500 tons of trash from landfills and increasing recycled waste oil by 39% over the previous year.

Positive

• Women constitute 48% of Valvoline's management roles and 57% of the executive team.
• Raised over $1.2 million for Children's Miracle Network Hospitals.
• Diverted nearly 500 tons of waste from landfills in 2023.
• Increased recycled waste oil by 39% over 2022.

Negative

• No significant financial metrics or business growth indicators impacting shareholder value were provided.

LEXINGTON, Ky., June 26, 2024 /PRNewswire/ -- Valvoline Inc. (NYSE: VVV), the quick, easy, trusted leader in preventive automotive maintenance, today announced the release of its Corporate Social Responsibility report, highlighting its fiscal year 2023 people, safety, environmental, and innovation initiatives.

"This report marks an important milestone for our company as it is our first CSR report issued as a pure-play, high-growth retailer following the sale of Valvoline Global Products," said Valvoline Inc. President and CEO Lori Flees. "We look forward to further advancing our corporate, social and environmental efforts as we continue to grow as a retail-focused company."

Highlights of the report include:

• Valvoline Inc. continues to diversify its talent pools and pipelines, with women representing 48% of management (as defined as director level and above*). In 2023**, four out of seven (57%) executive officers at Valvoline were women, including its President and CEO, Chief Financial Officer, Chief Legal Officer, and Chief Accounting Officer.
• The company raised over $1.2 million across the United States and Canada for the Children's Miracle Network Hospitals, once again placing the company in Children's Miracle Network's Million Miracle Club.
• Company-owned service centers recycled nearly every product used in core service offerings, allowing the company to divert nearly 500 tons of standard trash from landfills in 2023 and to increase recycled waste oil by 39% over 2022.

Click here to read Valvoline Inc.'s complete Corporate Social Responsibility report, which covers the company's 2023 fiscal year (October 1, 2022 through September 30, 2023) and is written in accordance with Global Reporting Initiative (GRI) Standards and including Sustainability Accounting Standards Board (SASB) for Multiline and Specialty Retailers & Distributors.

About Valvoline Inc. 
Valvoline Inc. (NYSE: VVV) is the quick, easy, trusted leader in automotive preventive maintenance. Valvoline Inc. is creating shareholder value by driving the full potential in our core business, accelerating network growth and innovating to meet the needs of customers and the evolving car parc. With more than 1,900 service centers throughout North America, Valvoline Inc. and our franchise partners keep customers moving with our 4.6 out of 5 star*** rated service that includes 15-minute stay-in-your-car oil changes; battery, bulb and wiper replacements; tire rotations; and other manufacturer recommended maintenance services. In fiscal year 2023, Valvoline's network delivered approximately 27 million services to generate $1.4 billion in revenue from $2.8 billion in system-wide store sales, marking 17 years of consecutive system-wide same-store sales growth. At Valvoline Inc., it all starts with our people, including our more than 10,000 team members and strong, long-standing franchise partners. We are proud to be a 10-time winner of the BEST Award for training excellence and a top-rated franchisor in our category by Entrepreneur and Franchise Times. To learn more, or to find a service center near you, visit vioc.com.

* Workforce demographics are representative of U.S. employees only
** As of October 2023
*** Based on a survey of more than 900,000 Valvoline Instant Oil Change℠ customers annually
™ Trademark, Valvoline Inc., or its subsidiaries, registered in various countries
^SM Service mark, Valvoline Inc., or its subsidiaries, registered in various countries

For Further Information

Investor Inquiries
Elizabeth B. Russell
+1 (859) 357-3155
IR@valvoline.com 

Media Inquiries
Angela Davied
+1 (913) 302-0032
angela.davied@valvoline.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/valvoline-inc-releases-its-fiscal-year-2023-corporate-social-responsibility-report-302182568.html

SOURCE Valvoline Inc.

FAQ

What highlights are in Valvoline's fiscal year 2023 CSR report?

Valvoline's fiscal year 2023 CSR report highlights include diversifying its management team, raising over $1.2 million for Children's Miracle Network Hospitals, and significant environmental recycling efforts.

How many women are in Valvoline's management and executive teams as per the 2023 CSR report?

According to the 2023 CSR report, women represent 48% of Valvoline's management and 57% of its executive officers.

How much did Valvoline raise for Children's Miracle Network Hospitals in 2023?

Valvoline raised over $1.2 million for Children's Miracle Network Hospitals in 2023.

What were Valvoline's environmental achievements in the 2023 CSR report?

Valvoline's 2023 CSR report notes the diversion of nearly 500 tons of waste from landfills and a 39% increase in recycled waste oil compared to 2022.