PHILADELPHIA, PA (December 2, 2014) – Aramark (NYSE: ARMK), the $15 billion global provider of award winning services in food, facilities management and uniforms, announced today that Eric Foss, 56, President and Chief Executive Officer, has been elected by the Board of Directors to succeed Joseph Neubauer, 73, as Chairman of the Board. Neubauer has chosen to step down and not stand for re-election in 2015 following 30 years in the role. The changes will be effective at the conclusion of Aramark's annual meeting of shareholders on February 3.
"On behalf of the entire Board and everyone across Aramark, I want to recognize and thank Joe for his legacy in creating an industry leader and one of the most respected companies in the world," said Foss. "It is a privilege to lead Aramark as CEO and I am honored to take on the Chairman’s role and stewardship of the company with our Board. I look forward to working closely with the Board and our leadership team to continue building on the momentum we've generated to drive the enterprise to its next chapter of growth and value creation.”
Foss has been Aramark's President and Chief Executive Officer since joining the company in 2012, when he was also named to the Board of Directors. During the past three years he has led the company to deliver consecutive years of accelerated revenue and profit growth. Foss took Aramark public in 2013 and returned the company to the New York Stock Exchange, and there has been a substantial increase in shareholder value since the IPO. Prior to Aramark, Foss spent more than 30 years with PepsiCo and Pepsi Bottling Group (PBG), where he ultimately served as CEO of PepsiCo’s Pepsi Beverages Company and Chairman & CEO of PBG.
Neubauer joined Aramark in 1979 as Executive Vice President of Finance and Development, CFO and a member of the Board. He was elected President in 1981, CEO in 1983 and Chairman in 1984. Prior to Neubauer’s retirement as CEO in 2012, the company grew from a $2.5 billion business largely concentrated in the U.S. to a $13 billion global services provider.
"I am extremely proud of what has been accomplished at Aramark in the last three decades, including the strong culture we built,” said Neubauer. ”I would like to thank our employees, clients, shareholders and communities for the dedication and support they have given me."
"As our strong results demonstrate, Eric has been an outstanding leader since joining Aramark," Neubauer continued. "I am confident that he will continue leading the company to even greater growth and success as Chairman."
Aramark also announced that Board Director James Ksansnak, 74, will not stand for re-election and will leave Aramark's board in February. Ksansnak joined Aramark in 1986 and retired as Vice Chairman in 2000. He has served on the Board since 1997.
"Joe and the entire Board join me in acknowledging and thanking Jim for his dedicated service to Aramark and for his contributions to the Board and we wish him all the best," said Foss.
In addition to electing Foss as Chairman, Aramark's Board of Directors has nominated a new member to stand for election at the 2015 annual meeting of shareholders: Irene Esteves, 55, former Executive Vice President and Chief Financial Officer at Time Warner Cable Inc.
Aramark’s Board also announced today that it has appointed Sanjeev Mehra, 55, as Lead Director, effective after the annual meeting in February.
Aramark (NYSE: ARMK) is in the customer service business across food, facilities and uniforms, wherever people work, learn, recover and play. United by a passion to serve, our more than 270,000 employees deliver experiences that enrich and nourish the lives of millions of people in 22 countries around the world every day. Aramark is recognized among the Most Admired Companies byFORTUNE and the World’s Most Ethical Companies by the Ethisphere Institute. Learn more at www.aramark.com or connect with us on Facebook and Twitter.
Certain statements made in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are based on management’s expectations, estimates, projections, and assumptions. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what is forecast in forward-looking statements due to a variety of factors. Additional information regarding these factors is contained in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as may be updated from time to time in our subsequent periodic filings with the SEC.
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