Valvoline Inc. /zigman2/quotes/203583380/composite VVV -1.01% said Thursday that it was conducting a search to appoint one or more new members to its board of directors with "significant experience" in electric vehicles, energy transition and/or autonomous transportation. The company is looking to identify a candidate or candidates by May 1, 2022. The vehicle care products company's stock rose 2.4% in morning trading. Valvoline said it has held "constructive discussions" with Chicane Capital Management LP, the investment manager of shareholder Chicane Opportunities Fund LP, about board composition as the company looks to separate its retail services and global products businesses. "We value the perspectives of our shareholders and appreciate the constructive discussions that we've had with Chicane Capital," said Valvoline Chairman Steve Kirk. "We applaud Valvoline's commitment to add new voices to the boardroom," said Chicane Capital Managing Partner Georgina Russell. Valvoline's stock has rallied 50.1% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.22% has gained 21.0%.