Eric Foss, Chairman, President and CEO of Aramark, has announced his retirement from the company. 

Lead Independent Director, Stephen Sadove, has been named non-executive Chairman of the Board of Directors. 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. He currently serves on the Boards of Colgate-Palmolive Company, Park Hotels and Resorts and Movado Group, Inc.

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 is named.

Sadove commented: “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.

“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.”

Speaking about his time at Aramark, Foss said: “It has been an honour and privilege leading Aramark through a transformative journey, from a successful IPO to an impressive run as a public company.

“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.”

Foss became the CEO of Aramark in 2012 and Chairman in 2015. He will remain in an advisory capacity until 2 October 2019.