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Aramark CEO unexpectedly retiring amid analyst criticism

Aug 27, 2019 - Philadelphia Inquirer
Board and Executive Moves

Philadelphia-based food- and uniform-services giant Aramark Corp., in a surprise announcement Monday, said chief executive Eric Foss will retire.

The announcement comes 10 days after an activist investor disclosed a large equity stake in Aramark and said he wanted to discuss executive changes at the company, which has been under fire from Wall Street analysts for its inability to grow revenues as fast as rivals, and from employees for yanking their 2018 earned bonuses in a lastminute move.

Foss' severance pay includes $3.4 million in salary paid in monthly installments over two years and two times whatever bonus he would have earned for the fiscal year that ends Sept. 27. Last year, his annual bonus was $2.6 m...