UniFirst President and CEO on Temporary Medical Leave of Absence
May 15 2017 - 4:05PM
UniFirst Corporation (NYSE:UNF) today announced that Ronald D.
Croatti, the Company’s President and Chief Executive Officer, is on
a temporary medical leave of absence as a result of significant
complications associated with pneumonia. He is expected to face an
extended recovery period and the timing of his return is uncertain.
In Mr. Croatti’s absence, in the near term,
UniFirst will be led by the Company’s senior executive and
management team, all of whom have extensive tenures with UniFirst
under Mr. Croatti’s leadership. As the timetable for Mr.
Croatti’s recovery becomes clearer, the Board of Directors will
further consider this interim governance plan.
“We wish Ron a full and speedy recovery, and
look forward to his return,” commented Steven Sintros, UniFirst
Senior Vice President and Chief Financial Officer. Mr. Sintros
added, “In the meantime, our senior leadership team will rely on
our collective experience to keep the Company moving forward
consistent with our existing strategic business plan.”
About UniFirst CorporationHeadquartered in
Wilmington, Mass., UniFirst Corporation is a North American leader
in the supply and servicing of uniform and workwear programs, as
well as the delivery of facility service programs. Together with
its subsidiaries, the company also provides first aid and safety
products, and manages specialized garment programs for the
cleanroom and nuclear industries. UniFirst manufactures its own
branded workwear, protective clothing, and floorcare products, and
with 240 service locations, 300,000 customer locations, and 13,000
employee Team Partners, the company outfits nearly 2 million
workers each business day. UniFirst is a publicly held company
traded on the New York Stock Exchange under the symbol UNF and is a
component of the Standard & Poor's 600 Small Cap Index.
For more information, contact UniFirst at 800.455.7654 or visit
www.unifirst.com.
Forward Looking StatementsThis public
announcement contains forward looking statements that reflect the
Company’s current views with respect to future events and financial
performance, including projected revenues and earnings per share.
Forward looking statements contained in this public announcement
are subject to the safe harbor created by the Private Securities
Litigation Reform Act of 1995 and may be identified by words such
as “estimates,” “anticipates,” “projects,” “plans,” “expects,”
“intends,” “believes,” “seeks,” “could,” “should,” “may,” “will,”
or the negative versions thereof, and similar expressions and by
the context in which they are used. Such forward looking statements
are based upon our current expectations and speak only as of the
date made. Such statements are highly dependent upon a variety of
risks, uncertainties and other important factors that could cause
actual results to differ materially from those reflected in such
forward looking statements. Such factors include, but are not
limited to, the length and strength of Mr. Croatti’s medical
recovery, our ability to maintain and grow Arrow’s customer base
and enhance its operating margins, our ability to compete
successfully without any significant degradation in our margin
rates, uncertainties caused by the continuing adverse worldwide
economic conditions and their impact on our customers’ businesses
and workforce levels, uncertainties regarding any existing or
newly-discovered expenses and liabilities related to environmental
compliance and remediation, any adverse outcome of pending or
future contingencies or claims, uncertainties regarding our ability
to consummate and successfully integrate acquired businesses, our
ability to preserve positive labor relationships and avoid becoming
the target of corporate labor unionization campaigns that could
disrupt our business, the continuing increase in domestic
healthcare costs, including the ultimate impact of the Affordable
Care Act, our retention of customers and renewal of customer
contracts, uncertainties regarding the price levels of natural gas,
electricity, fuel and labor, the negative effect on our business
from sharply depressed oil prices, fluctuation on our revenue and
net income from our specialty garments segment, the effect of
currency fluctuations on our results of operations and financial
condition, rampant criminal activity and instability in Mexico
where our principal garment manufacturing plants are located, the
impact on our goodwill and intangibles that might result from
adverse financial and economic changes, our ability to properly and
efficiently design, construct, implement and operate our new
customer relationship management (“CRM”) computer system,
interruptions or failures of our information technology systems,
including as a result of cyber-attacks, failure to comply with
other state and federal regulations that might result in penalties
or costs, seasonal and quarterly fluctuations in business levels,
any loss of key management or other personnel, our dependence
on third parties to supply us with raw materials, increased costs
as a result of any future changes in federal or state laws, rules
and regulations or governmental interpretation of such laws, rules
and regulations, demand and prices for our products and services,
economic and other developments associated with the war on
terrorism and its impact on the economy, general economic
conditions and other factors described under “Item 1A. Risk
Factors” in our Annual Report on Form 10-K for the year ended
August 27, 2016 and in our other filings with the Securities and
Exchange Commission. We undertake no obligation to update any
forward looking statements to reflect events or circumstances
arising after the date on which such statements are made.
Contact:
Steven S. Sintros, Senior Vice President & CFO
Phone: 978.658.8888
Fax: 978-988-0659
Email: ssintros@UniFirst.com
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