Steve Sadove Appointed Non-Executive Chairman – Board Initiates Search for New CEO and Establishes an Office of the Chairman to Serve Until Successor Named
Aramark (NYSE: ARMK) announced today that Chairman, President & CEO Eric Foss is retiring and Lead Independent Director Stephen Sadove has been named non-executive Chairman of the Board of Directors. Foss will remain in an advisory capacity until October 2, 2019. The Company’s Board has established an Office of the Chairman, whose members will oversee the Company’s day-to-day operations and engage with the Board on a regular basis until a successor to Foss is named.
The Office of the Chairman will consist of Sadove; Stephen Bramlage, Chief Financial Officer; Lynn McKee, Executive Vice President, Human Resources; and Lauren Harrington, Senior Vice President, General Counsel. The Board has commenced a search for a successor.
“We thank Eric for his leadership and strategic contributions that position Aramark for future success. In addition to solid financial performance, Eric built a strong management team and advanced the Company’s efforts in diversity & inclusion, health & wellness and frontline education,” said Sadove. “As a Board, we are committed to conducting a comprehensive search, including seeking input, to identify the next Chief Executive Officer to execute on our growth strategy and lead our 270,000 team members, for the benefit of all of our shareholders.”
“It has been an honor and privilege leading Aramark through a transformative journey, from a successful IPO to an impressive run as a public company,” Foss said. “I am enormously proud of the Aramark Service Stars around the world and what we have accomplished together. The Company’s future prospects are extremely encouraging and I look forward to a smooth transition.”
Aramark has delivered strong performance since its IPO in 20131.
- Total shareholder returns of +111%
- Revenue growth from $13.9B to $15.8B
- Adjusted Operating Income growth from $788M to $1.11B
- Adjusted Earnings per share growth from $1.26 to $2.25
Sadove, who has been an independent director on the Aramark Board since 2013, is the former Chairman and CEO of Saks Incorporated and former Chair of the National Retail Federation. A graduate of Hamilton College and Harvard University (MBA), Sadove currently serves on the Boards of Colgate-Palmolive Company, Park Hotels and Resorts and Movado Group, Inc.
1Operating Income increased from $514.5M to $826.1M from Fiscal 2013 to Fiscal 2018, and Earnings per share increased from $0.33 to $2.24 from Fiscal 2013 to Fiscal 2018.