Aramark Chief Eric Foss To Retire

Posted On: 8/28/2019

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PHILADELPHIA -- Aramark chairman, president and chief executive 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 Oct. 2. 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.

Sadove, who has been an independent director on the Aramark board since 2013, is the former chairman and chief executive of Saks Inc. and former chair of the National Retail Federation. He currently serves on the boards of Colgate-Palmolive Co., Park Hotels and Resorts and Movado Group Inc.

"We thank Eric for his leadership and strategic contributions that position Aramark for future success," said Sadove. "In addition to solid financial performance, Eric built a strong management team and advanced the company's efforts in diversity and inclusion, health and wellness and frontline education."

"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."

Aramark has delivered strong performance since its IPO in 2013, including revenue growth from $13.9 billion to $15.8 billion.