8-KLeadership Changes

CINTAS CORP 8-K Report, Executive Changes (Jan 17, 2008)

Filed January 17, 2008For Securities:CTAS

Summary

Cintas Corporation (CTAS) announced significant changes to its leadership and Board of Directors through an 8-K filing on January 17, 2008. The company expanded its Board to 10 members with the appointment of Ronald W. Tysoe, who also joined the Nominating and Corporate Governance Committee. Mr. Tysoe brings extensive experience from his tenure at Federated Department Stores and Perella Weinberg Partners, and holds directorships in several other public companies, meeting the company's independence standards. In addition to board changes, Cintas promoted J. Phillip Holloman to President and Chief Operating Officer. Mr. Holloman has a long history with Cintas, having held various leadership roles since 1996, most recently as Senior Vice President of Global Supply Chain Management. These executive appointments signal a strengthening of the company's governance and operational leadership.

Key Highlights

  • 1Cintas Corporation expanded its Board of Directors to 10 members.
  • 2Ronald W. Tysoe was elected as a new independent director and appointed to the Nominating and Corporate Governance Committee.
  • 3Mr. Tysoe has a strong background, having served as Senior Advisor at Perella Weinberg Partners and Vice Chairman at Federated Department Stores.
  • 4J. Phillip Holloman was appointed President and Chief Operating Officer.
  • 5Mr. Holloman has held multiple significant roles within Cintas since 1996, including Senior Vice President of Global Supply Chain Management.
  • 6Both Mr. Tysoe and Mr. Holloman were determined to have no reportable transactions requiring disclosure under Regulation S-K.

Frequently Asked Questions

Ronald W. Tysoe, age 54, was elected as an independent director to Cintas' Board of Directors and appointed to the Nominating and Corporate Governance Committee. He brings considerable experience from his past roles as Senior Advisor at Perella Weinberg Partners and Vice Chairman at Federated Department Stores, Inc. His appointment, effective January 15, 2008, strengthens the board's governance expertise.

J. Phillip Holloman, age 52, has been appointed as the new President and Chief Operating Officer of Cintas Corporation, effective January 15, 2008. He has been with Cintas since 1996, progressing through various leadership positions, most recently serving as Senior Vice President of Global Supply Chain Management.

Mr. Tysoe will participate in the company's standard compensation arrangements for non-employee directors as outlined in the 2007 proxy statement. Mr. Holloman will participate in standard executive officer benefit plans, including the Executive Incentive Plan. However, specific material terms of Mr. Holloman's compensation arrangement in connection with his promotion were unavailable at the time of filing.

The filing states that there are no arrangements or understandings with any other person related to Mr. Tysoe's election, and neither Mr. Tysoe nor Mr. Holloman have any interests in transactions that require disclosure under Item 404(a) of Regulation S-K.