Summary
Cintas Corporation (CTAS) has announced a significant executive transition involving its Chief Financial Officer. J. Michael Hansen, the current Executive Vice President & CFO, has notified the company of his intention to retire from this role. He will transition to an Assistant to the Chief Executive Officer position, focusing on facilitating the transition to his successor and contributing to strategic initiatives until May 31, 2025. This change signals a planned leadership evolution within the company's finance function. In connection with Mr. Hansen's retirement, Cintas has appointed Scott Garula as the new Executive Vice President & CFO, effective June 1, 2025. Mr. Garula brings extensive experience within Cintas, having held various leadership roles since joining in 1996, including his most recent position as President of the Rental Division. His compensation package for the CFO role includes a base salary of $650,000, a target annual incentive of 90% of base salary, and a target long-term incentive of $1,500,000, along with one-time equity awards.
Key Highlights
- 1J. Michael Hansen, EVP & CFO, announced his retirement from the CFO role, effective May 31, 2025.
- 2Mr. Hansen will transition to an Assistant to the CEO role to support transition and strategic projects.
- 3Scott Garula appointed as the new EVP & CFO, effective June 1, 2025.
- 4Mr. Garula has a long tenure at Cintas (since 1996) and extensive leadership experience, including President of the Rental Division.
- 5Mr. Garula's initial annual compensation as CFO includes a $650,000 base salary.
- 6Target annual incentive for Mr. Garula is 90% of base salary.
- 7Target long-term incentive opportunity for Mr. Garula is $1,500,000, plus one-time equity awards totaling $325,000 ($250,000 restricted stock, $75,000 stock options).