Scott D. Farmer to Retire as Cintas Corporation CEO on May 31; Todd M. Schneider Elected New CEO & President, Effective June 1

Rhea-AI Summary

Cintas Corporation (NASDAQ: CTAS) has announced that Scott D. Farmer will retire as CEO on May 31, 2021, after 18 years in the role, but will continue as Executive Chairman. Todd M. Schneider has been named the new CEO and President, effective June 1, 2021. Farmer highlighted the company's growth from $2.69 billion in 2003 to over $7 billion in revenue, emphasizing the successful execution of their strategies even during challenging times, including the pandemic. Schneider, a 32-year veteran of Cintas, aims to leverage the company's strengths for future growth.

Positive

• Experienced leadership transition with Todd M. Schneider taking over as CEO.
• Significant revenue growth from $2.69 billion in 2003 to over $7 billion.

Negative

• Concerns about continuity as Scott D. Farmer retires from the CEO position.

Cintas Corporation (NASDAQ:CTAS) today announced Scott D. Farmer, Cintas Chairman & Chief Executive Officer, will retire as CEO on May 31, 2021. Mr. Farmer will remain Executive Chairman, a role he has held since 2016.

Scott D. Farmer will retire as CEO of Cintas Corporation (NASDAQ:CTAS) on May 31, 2021, and remain on as Executive Chairman of the Board. He has been a Cintas employee-partner for 40 years, the last 18 as CEO. (Photo Credit: Courtesy of Cintas Corporation)

The company also announced that its Board of Directors has increased the number of Directors from 8 to 9 and elected Todd M. Schneider as Chief Executive Officer & President and a Director of the company, effective June 1, 2021.

“It has been a great privilege to serve as Cintas’ CEO for 18 years. The company has grown and changed significantly over that time but our core values and the culture that binds our employee-partners together has remained a steady foundation for the success Cintas has achieved,” Mr. Farmer said. “I am proud of our many collective accomplishments, including the innovative products and services we provide our customers as well as the tremendous dedication of our employee-partners. Our company is in a position of financial strength, with a strong and experienced leadership team executing a proven strategy that has allowed our continued success even through the recent pandemic, making this the appropriate time for an orderly transition.”

Under Mr. Farmer’s leadership the company’s revenue grew from $2.69 billion in 2003 to more than $7 billion at the end of its previous fiscal year. Cintas Lead Director, Joe Scaminace said, “Scott has done a great job leading Cintas through years filled with challenges, change and opportunities, including the Great Recession and the recent pandemic as well as the integration of SAP technology across the organization at the same time the company was integrating its largest acquisition to date, G&K Services. The entire Cintas Board of Directors thanks Scott for his service to the company as CEO and we are grateful that he remains at the helm as Executive Chairman.”

After a comprehensive succession planning process, the Board unanimously selected Mr. Schneider to assume the position of CEO. “Todd joined Cintas’ Management Trainee program right out of college in 1989. He has held many positions over the course of 32 years. Todd has an extensive knowledge of our company, fully supports and exemplifies our culture and has served as Executive Vice President & Chief Operating Officer since 2018, which will ensure a seamless transition. Todd is undeniably the right person to lead Cintas to even greater success in the future,” said Mr. Farmer.

“I am honored that the board selected me as the next CEO of this great company and grateful for the opportunity to build on the long trajectory of success that Cintas has achieved under Scott Farmer’s leadership,” said Mr. Schneider. “With the proven leadership team currently in place, along with our exemplary employee-partners providing excellent care to our customers, I believe Cintas’ future is brighter than ever.”

About Cintas Corporation:
Cintas Corporation helps more than one million businesses of all types and sizes get Ready™ to open their doors with confidence every day by providing products and services that help keep their customers’ facilities and employees clean, safe and looking their best. With offerings including uniforms, mats, mops, restroom supplies, first aid and safety products, fire extinguishers and testing, and safety training, Cintas helps customers get Ready for the Workday^®. The company is also the creator of the Total Clean Program™ — a first-of-its-kind service that includes scheduled delivery of essential cleaning supplies, hygienically clean laundering, and sanitizing and disinfecting products and services. Headquartered in Cincinnati, Cintas is a publicly held Fortune 500 company traded over the Nasdaq Global Select Market under the symbol CTAS and is a component of both the Standard & Poor’s 500 Index and Nasdaq-100 Index.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210401005214/en/

FAQ

When will Scott D. Farmer retire as CEO of Cintas Corporation?

Scott D. Farmer will retire as CEO on May 31, 2021.

Who will succeed Scott D. Farmer as CEO of Cintas?

Todd M. Schneider has been elected as the new CEO and President, effective June 1, 2021.

What impact might the management change have on Cintas Corporation and its stock?

The leadership transition is expected to maintain continuity and leverage existing strengths, which could positively impact Cintas' performance.

What significant achievements did Cintas Corporation have under Scott D. Farmer's leadership?

Under Farner's leadership, Cintas' revenue grew from $2.69 billion in 2003 to over $7 billion.