Topic: How To Invest

Spinoffs & Takeovers Hotline – Friday, January 17, 2020

Article Excerpt

ARAMARK, $46.42, symbol ARMK on New York, is a provider of food, facilities, and uniform services to North American institutions and other corporate clients. On October 7, 2019, Aramark announced that it had hired John Zillmer as its new CEO, replacing Eric Foss, who resigned in late August. The news comes after activist investor Mantle Ridge upped its stake in the company to 20%. Mantle Ridge, which is known for replacing CEOs as part of its activism, is now the company’s largest shareholder. Mantle Ridge is led by Paul Hilal, a former associate of billionaire hedge fund manager Bill Ackman. In addition to Zillmer becoming CEO, Mantle Ridge founder and CEO Paul Hilal becomes vice-chairman. Current chairman Steve Sadove remained in his position. Zillmer worked at Aramark for 18 years before leaving in 2004. He served as CEO of Allied Waste Industries and Univar Solutions, a global chemical and ingredients distributor. Not only did Mantle Ridge bring in an experienced chief executive, it also…

You are trying to access subscriber-only content.

To read this article, you may subscribe or sign in.
If you are already a subscriber, log in here.

If you wish to become a subscriber, click here. Or you may enjoy access to all our publications when you become a Member of Pat McKeough's Inner Circle Pro.