Ondrof to serve as Strategic Advisor
Aramark (NYSE: ARMK) today announced that Tom Ondrof, Chief
Financial Officer, plans to retire from his current position on
January 12, 2024, at which time he will serve as a Strategic
Advisor through May 2024. Jim Tarangelo, Aramark’s Senior Vice
President Finance & Treasurer, has been appointed to succeed
Ondrof as Chief Financial Officer, effective January 13.
“Tom leaves a strong legacy that’s both broad and deep,” said
John Zillmer, Aramark’s Chief Executive Officer. “When I asked him
to join Aramark shortly after my return, he left a hard-earned
retirement to help us create and drive a successful growth strategy
based on our hospitality culture, focused on accelerating net new
business, optimizing supply chain economics, containing above unit
costs, and instilling a value-creating mindset across the
organization. On behalf of the Board and the Company leadership, I
want to thank Tom for his immeasurable contributions, and wish him
well as he returns to retirement.”
“My goal, when joining Aramark four years ago, was to help put
the Company on a path to deliver consistent top-line growth,
increased profitability, and financial flexibility, while
strategically reviewing the portfolio, which eventually included
the successful spin-off of the Uniforms business in September,”
said Ondrof. “We have taken the steps to re-position Aramark on a
foundation built for long-term, sustainable performance, and I want
to thank the team for their ongoing commitment to Aramark’s
success. Jim has been an essential partner in these achievements,
and I have full confidence that I am leaving the role in very
capable hands.”
In his current role, Tarangelo, a 20-year veteran of Aramark,
currently leads the Company’s operations relating to global
treasury and capital markets, financial planning and analysis,
mergers and acquisitions, and tax. His accomplished career at the
Company spans from operations finance to international finance,
which included overseeing the finance organizations for South
America and Emerging Markets, and ultimately serving as CFO,
Aramark International.
Before joining Aramark, Tarangelo was at PricewaterhouseCoopers
and Legg Mason within investment banking. He holds a bachelor’s
degree in business and economics from Lafayette College and an MBA
from The Wharton School of the University of Pennsylvania.
“This appointment demonstrates our strong bench talent and
thoughtful succession planning,” said Zillmer. “I look forward to
having Jim assume this role, given his proven track record and
close collaboration with Tom over the past four years. His
understanding of the nuances of our business, and his commitment to
the success of the Company, make him the right fit for the job as
we continue to execute on our strategy. We are off to a strong
start to the fiscal year and remain confident in our full-year
outlook.”
About Aramark
Aramark (NYSE: ARMK) proudly serves the world’s leading
educational institutions, Fortune 500 companies, world champion
sports teams, prominent healthcare providers, iconic destinations
and cultural attractions, and numerous municipalities in 15
countries around the world with food and facilities management.
Because of our hospitality culture, our employees strive to do
great things for each other, our partners, our communities, and the
planet. Aramark has been recognized on FORTUNE’s list of “World’s
Most Admired Companies,” DiversityInc’s “Top 50 Companies for
Diversity” and “Top Companies for Supplier Diversity,” Newsweek’s
list of “America’s Most Responsible Companies 2023,” the HRC’s
“Best Places to Work for LGBTQ Equality,” and scored 100% on the
Disability Equality Index. Learn more at www.aramark.com and
connect with us on LinkedIn, Facebook, X (formerly known as
Twitter), and Instagram.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements reflect our current expectations as to
future events based on certain assumptions and include any
statement that does not directly relate to any historical or
current fact. These statements include, but are not limited to,
statements related to our expectations and our outlook, the
performance of our business, our financial results, our operations,
our liquidity and capital resources, the conditions in our industry
and our growth strategy. In some cases, forward-looking statements
can be identified by words such as "outlook," "aim," "anticipate,"
"have confidence," "estimate," "expect," "will be," "will
continue," "will likely result," "project," "intend," "plan,"
"believe," "see," "look 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.
Some of the factors that we believe could affect or continue to
affect our results include without limitation: unfavorable economic
conditions; natural disasters, global calamities, climate change,
pandemics, energy shortages, sports strikes and other adverse
incidents; geopolitical events including, but not limited to, the
ongoing conflict between Russia and Ukraine and its effects on
global supply chains, inflation, volatility and disruption of
global financial markets; the failure to retain current clients,
renew existing client contracts and obtain new client contracts; a
determination by clients to reduce their outsourcing or use of
preferred vendors; competition in our industries; increased
operating costs and obstacles to cost recovery due to the pricing
and cancellation terms of our food and support services contracts;
currency risks and other risks associated with international
operations, including compliance with a broad range of laws and
regulations, including the United States Foreign Corrupt Practices
Act; risks associated with suppliers from whom our products are
sourced; disruptions to our relationship with our distribution
partners; the contract intensive nature of our business, which may
lead to client disputes; the inability to hire and retain key or
sufficient qualified personnel or increases in labor costs; our
expansion strategy and our ability to successfully integrate the
businesses we acquire and costs and timing related thereto; risks
associated with the recently completed spin-off of Aramark Uniform
Services (our Uniform segment) as an independent publicly traded
company to our stockholders; continued or further unionization of
our workforce; liability resulting from our participation in
multiemployer defined benefit pension plans; laws and governmental
regulations including those relating to food and beverages, the
environment, wage and hour and government contracting; liability
associated with noncompliance with applicable law or other
governmental regulations; new interpretations of or changes in the
enforcement of the government regulatory framework; increases or
changes in income tax rates or tax-related laws; potential
liabilities, increased costs, reputational harm, and other adverse
effects based on our commitments and stakeholder expectations
relating to environmental, social and governance considerations;
the failure to maintain food safety throughout our supply chain,
food-borne illness concerns and claims of illness or injury; a
cybersecurity incident or other disruptions in the availability of
our computer systems or privacy breaches; our leverage; variable
rate indebtedness that subjects us to interest rate risk; the
inability to generate sufficient cash to service all of our
indebtedness; debt agreements that limit our flexibility in
operating our business; and other factors set forth under the
headings "Part I, Item 1A Risk Factors," "Part I, Item 3 Legal
Proceedings" and "Part II, Item 7 Management's Discussion and
Analysis of Financial Condition and Results of Operations" and
other sections of our Annual Report on Form 10-K, filed with the
Securities and Exchange Commission (the "SEC") on November 21, 2023
as such factors may be updated from time to time in our other
periodic filings with the SEC, which are accessible on the SEC's
website at www.sec.gov and which may be obtained by contacting
Aramark's investor relations department via its website at
www.aramark.com. These factors should not be construed as
exhaustive and should be read in conjunction with the other
cautionary statements that are included herein and in our other
filings with the SEC. As a result of these risks and uncertainties,
readers are cautioned not to place undue reliance on any
forward-looking statements included herein or that may be made
elsewhere from time to time by, or on behalf of, us.
Forward-looking statements speak only as of the date made. We
undertake no obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments, changes in our expectations, or otherwise,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231211056819/en/
Inquiries Felise Glantz Kissell (215) 409-7287
Kissell-Felise@aramark.com
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