- Push-out Score determined
- After around seven years in the position
- Accolades, praise and thanks for Foss
- Responsibilities redistributed
- Search for a successor
- Foss kept it short and said 58 words
(exechange) — Philadelphia, Pennsylvania, August 26, 2019 — Eric Foss, chief executive of Aramark, leaves. As announced by Aramark in a news release and in a regulatory filing published on Monday, August 26, 2019, Eric J. Foss has left his post as Chief Executive Officer at the food-services company after around seven years in the role, effective August 25, 2019.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange.
Aramark will undertake a search for a successor.
Following Eric Foss’s departure, the position of Chief Executive Officer will not be filled for the time being. Eric Foss’s responsibilities are being redistributed.
“To execute on our growth strategy”
A reason for Eric Foss’s departure from the CEO post was not explicitly provided. Stephen Sadove, non-executive Chairman of the Board of Directors, said: “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.”
Precise information regarding Eric Foss’s future plans was not immediately available.
Aramark said: “Chairman, President & CEO Eric Foss is retiring and Lead Independent Director Stephen Sadove has been named non-executive Chairman of the Board of Directors.”
Aramark further said: “Eric J. Foss has stepped down from his role as Chairman, President and Chief Executive Officer, effective as of August 25, 2019.”
Share price decline
The announcement follows a decline in Aramark’s share price of 7% since January 2018.
In the position of CEO since 2012
Eric Foss became CEO of the Company in May 2012.
Foss will remain in an advisory capacity until October 2, 2019.
Eric J. Foss has been the Company’s Chairman of the Board since February 2015 and the Company’s President and Chief Executive Officer since May 2012.
Before joining the Company, Foss served as Chief Executive Officer of Pepsi Beverages Company from 2010 until 2011.
Prior to that Foss served as Chairman and Chief Executive Officer of The Pepsi Bottling Group from 2008 until 2010; President and Chief Executive Officer from 2006 until 2007; and Chief Operating Officer from 2005 until 2006.
Foss serves on the board of CIGNA Corporation and previously served on the board of UDR, Inc.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Aramark and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 35.2019 ($).