Vestis Corporation (NYSE: VSTS), a leading provider of uniforms and workplace supplies, has announced the appointment of Keith Meister to the company’s board of directors, effective immediately. Meister, who is the founder, managing partner, and chief investment officer of Corvex Management LP, brings with him extensive boardroom experience, having previously served on the boards of Genex Holdings Corp., MGM Resorts International, Yum! Brands, Inc., The Williams Companies, The ADT Corporation, and Ralcorp Holdings.
The appointment of Meister increases the size of the board from eight to nine directors, with seven of them being independent. Phillip Holloman, the chairman of the board, expressed his pleasure in welcoming Meister, citing his valuable financial and investment expertise and notable track record of public company board experience. Meister himself expressed confidence in Vestis' strategy to capitalize on its position as a key player in a large, growing, and fragmented industry.
Kim Scott, president and chief executive officer of Vestis, echoed the sentiment, expressing the company's anticipation of benefiting from Meister's investor perspective and mindset in the boardroom.
In addition to the new appointment, Vestis concurrently filed a Form 8-K regarding Meister’s appointment to the board and a related letter agreement between the parties.
Vestis, a leader in the B2B uniform and workplace supplies category, 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. The market has reacted to these announcements by moving the company's shares 1.0% to a price of $11.79. For the full picture, make sure to review Vestis's 8-K report.
