CINCINNATI — April 1, 2021 — Cintas Corp. today announced Scott D. Farmer, Cintas chairman and CEO, will retire as CEO on May 31, 2021. Farmer will remain executive chairman, a role he has held since 2016.
The company also announced that its board of directors has increased the number of directors from 8 to 9 and elected Todd M. Schneider as CEO and president and a director of the company, effective June 1, 2021.
“It has been a great privilege to serve as Cintas’ CEO for 18 years. The company has grown and changed significantly over that time but our core values and the culture that binds our employee-partners together has remained a steady foundation for the success Cintas has achieved,” Farmer said. “I am proud of our many collective accomplishments, including the innovative products and services we provide our customers as well as the tremendous dedication of our employee-partners. Our company is in a position of financial strength, with a strong and experienced leadership team executing a proven strategy that has allowed our continued success even through the recent pandemic, making this the appropriate time for an orderly transition.”
Under Farmer’s leadership the company’s revenue grew from $2.69 billion in 2003 to more than $7 billion at the end of its previous fiscal year. Cintas Lead Director Joe Scaminace said: “Scott has done a great job leading Cintas through years filled with challenges, change and opportunities, including the Great Recession and the recent pandemic as well as the integration of SAP technology across the organization at the same time the company was integrating its largest acquisition to date, G&K Services. The entire Cintas Board of Directors thanks Scott for his service to the company as CEO and we are grateful that he remains at the helm as Executive Chairman.”
After a comprehensive succession planning process, the board unanimously selected Schneider to assume the position of CEO. “Todd joined Cintas’ Management Trainee program right out of college in 1989. He has held many positions over the course of 32 years. Todd has an extensive knowledge of our company, fully supports and exemplifies our culture and has served as executive vice president and CEO since 2018, which will ensure a seamless transition. Todd is undeniably the right person to lead Cintas to even greater success in the future,” said Farmer.
“I am honored that the board selected me as the next CEO of this great company and grateful for the opportunity to build on the long trajectory of success that Cintas has achieved under Scott Farmer’s leadership,” Schneider said. “With the proven leadership team currently in place, along with our exemplary employee-partners providing excellent care to our customers, I believe Cintas’ future is brighter than ever.”
Posted April 1, 2021
Source: Cintas Corporation
