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Vestis named Phillip Holloman as interim executive chairman, president and CEO.
Shares of Vestis Corp ( VSTS) were in focus on Wednesday after the company announced a CEO change, lifting retail sentiment.
Vestis, a provider of uniforms and workplace supplies, named Phillip Holloman as interim executive chairman, president and CEO.
Holloman succeeds Kim Scott, who has left the company, Vestis said without citing the reasons for his departure.
Vestis has retained a leading executive search firm to assist with identifying Vestis’ next president and CEO.
“As we embark on a new chapter following the completion of Vestis’ first fiscal year as a public company, the board agrees now is the right time for this transition,” said Doug Pertz, vice chairman.
“Phillip brings decades of industry experience and a robust understanding of Vestis’ strategy and overall operations, making him uniquely suited to serve as interim executive chairman, president and CEO. The board is confident Phillip is the right leader to oversee the execution of Vestis’ strategy while we identify a successor.”
Holloman has served as chairman of the Vestis since 2023. He has extensive industry knowledge and management experience, said the company, noting he has previously served as the president and CEO of Cintas until he retired in 2018.
Sentiment on Stocktwits improved to ‘extremely bullish’ following the announcement. Message volume was ‘extremely high’ compared to ‘high.’
One watcher noted Holloman’s prior experience with Cintas.
Wall Street analysts expect Vestis to report $0.15 in earnings per share for its next quarterly results on revenue of $691.01 million.
Vestis Corp stock is down 32% year-to-date.
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