Ashland Inc. (NYSE: ASH) announced that Mary Meixelsperger will join its wholly owned subsidiary, Valvoline Inc., as chief financial officer, effective June 20. Valvoline is the second largest quick-lube chain and the third largest passenger-car motor oil brand in the U.S.A.
Valvoline Inc. recently filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) of up to 20% of its common stock. Ashland plans to complete the IPO during the fourth quarter of 2016, so the appointment of a separate CFO for Valvoline is in preparation for the spin-off.
She will report to Valvoline Chief Executive Officer Sam Mitchell and will be based at Valvoline’s global headquarters in Lexington, Ky., U.S.A.
In this new role, Meixelsperger will be responsible for Valvoline’s global financial organisation, including financial accounting and reporting, treasury and finance, insurance, business development, planning and analysis, investor relations, tax and internal audit activities.
Since May 2014, Meixelsperger has served as senior vice president and chief financial officer of DSW Inc., a leading branded footwear and accessories retailer which operates 480 stores in 42 U.S. states, as well as dsw.com, a fully managed e-commerce site. Prior to joining DSW, she served as chief financial officer, controller and treasurer at Shopko Stores from 2005 to 2014. She began her career in public accounting at Arthur Young and Co. She earned her bachelor’s degree with distinction from the University of Wisconsin-Madison.
“We are delighted to welcome Mary to the Valvoline leadership team,” said Mitchell. “We believe her significant leadership and management experience within the retail industry, coupled with her strategic planning expertise, will be important assets in this new role. We look forward to Mary’s contributions leading our global finance organisation.”