Vestis Announces Key Operations and Sales Leadership Appointments

Rhea-AI Summary

Vestis (NYSE: VSTS) has announced two key leadership appointments to support its strategic growth plan. Bill Seward will join as Chief Operating Officer on September 1, 2024, bringing over 30 years of experience from UPS Supply Chain Solutions and Stericycle. Peter Rego has been appointed Senior Vice President of Sales, effective immediately, with 25 years of industry experience, including 19 years at Cintas.

Both executives will report directly to CEO Kim Scott and will be responsible for implementing Vestis' strategic plan focused on high-quality growth, efficient operations, disciplined capital allocation, and a performance-driven culture. The company has also realigned its field organizational structure to enhance customer and employee experiences.

Positive

• Appointment of experienced executives to key leadership positions
• Strategic focus on high-quality growth and efficient operations
• Realignment of field organizational structure to improve customer and employee experiences

Negative

• None.

Bill Seward named Chief Operating Officer and Peter Rego named Senior Vice President of Sales

ATLANTA--(BUSINESS WIRE)-- Vestis Corporation (NYSE: VSTS) (“Vestis” or the “Company”), a leading provider of uniforms and workplace supplies, today announced the appointment of Bill Seward as Chief Operating Officer (COO), effective September 1, 2024, and Peter Rego as Senior Vice President of Sales, effective immediately. Reporting directly to CEO Kim Scott, both Seward and Rego will assume responsibility for key aspects of the company’s strategic plan to achieve high-quality growth, efficient operations, disciplined capital allocation and a performance-driven culture. Additionally, the Company has aligned its field organizational structure to support faster and sustainable adoption of programs and procedures that enhance the customer and teammate experience.

“I’m delighted to announce the appointment of both Bill and Peter to our Vestis Management Team. These leaders bring strong commercial and operations experience to Vestis and each will play a key role in mobilizing our teams to execute against our strategic plan,” said Kim Scott, President and Chief Executive Officer of Vestis. “Both have a proven and impressive track record of delivering results in distributed, route-based models while providing best-in-class customer experiences, and their backgrounds are well suited to support us in establishing a performance-driven culture rooted in process discipline.”

Seward brings over 30 years of experience to Vestis. He joins the Company from UPS Supply Chain Solutions where he oversaw multiple business units including global logistics, freight forwarding, warehousing and distribution as President. He previously served as EVP and Chief Commercial Officer at Stericycle, in addition to other leadership roles at UPS. As COO of Vestis, Seward will apply his deep expertise and service-oriented leadership to oversee field operations, customer experience, logistics, global sourcing and manufacturing.

Rego joins Vestis with over 25 years of business and sales experience, including 19 years at Cintas where he held sales management roles of increasing responsibility and ultimately served as a Sales Vice President. Additionally, he served as Chief Sales Officer, North America at Kellermeyer Bergensons Services, Chief Commercial Officer, USA at Lion Electric Co. and most recently as a Sales Vice President at Verkada. Rego’s proven industry sales leadership will be leveraged to enhance Vestis’ sales processes, strengthen sales leadership, and create outstanding teammate experiences in support of accelerating growth.

About Vestis™

Vestis is a leader in the B2B uniform and workplace supplies category. Vestis provides uniform services and workplace supplies to a broad range of North American customers from Fortune 500 companies to locally owned small businesses across a broad set of end sectors. The Company’s comprehensive service offering primarily includes a full-service uniform rental program, floor mats, towels, linens, managed restroom services, first aid supplies, and cleanroom and other specialty garment processing.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the securities laws. All statements that reflect our expectations, assumptions, or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, statements regarding our strategy for growth, optimization of our operations and our delivery of best-in-class customer experience. In some cases, forward-looking statements can be identified by words such as “strategy,” “will,” “plan,” “continue to,” and other words and terms of similar meaning or the negative versions of such words. These forward-looking statements are subject to risks and uncertainties that may change at any time, and actual results or outcomes may differ materially from those that we expected. Forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict including, but not limited to: unfavorable economic conditions; increases in fuel and energy costs; the failure to retain current customers, renew existing customer contracts and obtain new customer contracts; natural disasters, global calamities, climate change, pandemics, strikes and other adverse incidents; increased operating costs and obstacles to cost recovery due to the pricing and cancellation terms of our support services contracts; a determination by our customers to reduce their outsourcing or use of preferred vendors; risks associated with suppliers from whom our products are sourced; challenge of contracts by our customers; our expansion strategy and our ability to successfully integrate the businesses we acquire and costs and timing related thereto; currency risks and other risks associated with international operations; our inability to hire and retain key or sufficient qualified personnel or increases in labor costs; continued or further unionization of our workforce; liability resulting from our participation in multiemployer-defined benefit pension plans; liability associated with noncompliance with applicable law or other governmental regulations; laws and governmental regulations including those relating to the environment, wage and hour and government contracting; increases or changes in income tax rates or tax-related laws; new interpretations of or changes in the enforcement of the government regulatory framework; a cybersecurity incident or other disruptions in the availability of our computer systems or privacy incidents; stakeholder expectations relating to environmental, social and governance considerations; the expected benefits of the separation from Aramark and the risk that conditions to the separation will not be satisfied; the risk of increased costs from lost synergies; retention of existing management team members as a result of the separation from Aramark; reaction of customers, employees and other parties to the separation from Aramark, and the impact of the separation on our business; our leverage and ability to meet debt obligations; any failure by Aramark to perform its obligations under the various separation agreements entered into in connection with the separation and distribution; a determination by the IRS that the distribution or certain related transactions are taxable; and the and the timing and occurrence (or non-occurrence) of other transactions, events and circumstances which may be beyond our control. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Vestis’ filings with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it is made, and we assume no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240723171824/en/

Investors

Michael Aurelio, CFA

470-653-5015

michael.aurelio@vestis.com

Media

Danielle Holcomb

470-716-0917

danielle.holcomb@vestis.com

Source: Vestis Corporation

FAQ

Who are the new executives appointed by Vestis (VSTS)?

Vestis (VSTS) has appointed Bill Seward as Chief Operating Officer, effective September 1, 2024, and Peter Rego as Senior Vice President of Sales, effective immediately.

What is Bill Seward's background before joining Vestis (VSTS)?

Bill Seward brings over 30 years of experience, previously serving as President at UPS Supply Chain Solutions and EVP and Chief Commercial Officer at Stericycle.

What is Peter Rego's professional experience prior to Vestis (VSTS)?

Peter Rego has over 25 years of business and sales experience, including 19 years at Cintas in sales management roles, and leadership positions at Kellermeyer Bergensons Services, Lion Electric Co., and Verkada.

What are the main objectives of Vestis 's (VSTS) strategic plan?

Vestis 's (VSTS) strategic plan focuses on achieving high-quality growth, efficient operations, disciplined capital allocation, and establishing a performance-driven culture.