UniFirst Appoints Steven S. Karam as New CEO
Ticker: UNF · Form: 8-K · Filed: Sep 19, 2024 · CIK: 717954
| Field | Detail |
|---|---|
| Company | Unifirst CORP (UNF) |
| Form Type | 8-K |
| Filed Date | Sep 19, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.10, $625,000, $617,175, $246,870 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, executive-appointment, management
Related Tickers: UNF
TL;DR
UniFirst just named Steven S. Karam as CEO, replacing Ronald D. Croatti. Karam's been with the company since '94.
AI Summary
UniFirst Corporation announced on September 16, 2024, the appointment of Steven S. Karam as its new Chief Executive Officer, effective immediately. Karam, who has been with the company since 1994 and previously served as President and Chief Operating Officer, will also join the Board of Directors. He succeeds Ronald D. Croatti, who has stepped down from his role as CEO.
Why It Matters
This leadership change at UniFirst, a major provider of workwear and facility services, could signal shifts in strategic direction and operational focus under new executive leadership.
Risk Assessment
Risk Level: medium — CEO transitions can introduce uncertainty regarding future strategy and operational execution, potentially impacting investor confidence.
Key Players & Entities
- UniFirst Corporation (company) — The company filing the report.
- Steven S. Karam (person) — Newly appointed Chief Executive Officer and Board Member.
- Ronald D. Croatti (person) — Outgoing Chief Executive Officer.
- September 16, 2024 (date) — Effective date of the CEO appointment.
FAQ
Who has been appointed as the new CEO of UniFirst Corporation?
Steven S. Karam has been appointed as the new Chief Executive Officer of UniFirst Corporation.
When did the appointment of the new CEO become effective?
The appointment of Steven S. Karam as CEO became effective on September 16, 2024.
What previous roles did Steven S. Karam hold at UniFirst?
Steven S. Karam previously served as President and Chief Operating Officer and has been with the company since 1994.
Who is the outgoing CEO of UniFirst Corporation?
Ronald D. Croatti is the outgoing Chief Executive Officer of UniFirst Corporation.
Will the new CEO also join the Board of Directors?
Yes, Steven S. Karam will also join the Board of Directors of UniFirst Corporation.
Filing Stats: 1,131 words · 5 min read · ~4 pages · Grade level 11.6 · Accepted 2024-09-19 14:13:32
Key Financial Figures
- $0.10 — nge on which registered Common Stock, $0.10 par value per share UNF New York St
- $625,000 — s with an initial annual base salary of $625,000. She will be eligible to participate in
- $617,175 — to (1) a lump sum severance payment of $617,175, which is equal to 18 months of pay und
- $246,870 — salary, (2) a lump sum bonus payment of $246,870, which is equal to one and one-half tim
Filing Documents
- unf-20240916.htm (8-K) — 54KB
- unf-ex99_1.htm (EX-99.1) — 14KB
- img19635150_0.jpg (GRAPHIC) — 105KB
- 0000950170-24-108048.txt ( ) — 453KB
- unf-20240916.xsd (EX-101.SCH) — 29KB
- unf-20240916_htm.xml (XML) — 4KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On September 19, 2024, the Company issued a press release regarding the appointment of Ms. Rooney and the transition of Mr. Croatti's role as an Executive Officer, a copy of which is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The information in this Item 7.01 and Exhibit 99.1 shall not be deemed "filed" for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. *99.1 Press Release dated September 19, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) *Furnished
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. UNIFIRST CORPORATION Date: September 19, 2024 By: /s/ Steven S. Sintros Steven S. Sintros President and Chief Executive Officer