Recent Updates — VSTS
Vestis Corporation appointed Russell Tiejema as Executive Vice President and Chief Financial Officer, effective September 28, 2026. Mr. Tiejema succeeds Adam K. Bowen, who served as Interim CFO since December 16, 2025, and will remain through the end of October. The appointment follows an employment agreement with a $700,000 base salary, a target annual bonus equal to 100% of base salary, and a sign-on equity award valued at $2,500,000 consisting of restricted stock units and nonqualified stock options. Vestis also reaffirmed its fiscal year 2026 financial outlook. The company operates in the business-to-business uniform rental and workplace supplies industry.
Vestis Corporation reported fiscal third quarter results ending July 3, 2026, with revenue of $661.7 million and net income of $11.0 million ($0.08 per diluted share). Adjusted EBITDA increased 23% year-over-year to $80.9 million, driven by a strategic business transformation plan that lowered operating expenses and improved pricing discipline. The company raised its full-year 2026 Free Cash Flow outlook midpoint by $30 million to $165.0 million, while maintaining revenue guidance of flat to down 2% and Adjusted EBITDA guidance of $310.0 million to $315.0 million. Vestis repaid $30 million in debt during the quarter, ending with $351.8 million in total available liquidity. The company operates in the B2B uniform rental and workplace supplies industry.
On June 12, 2026, Vestis Corporation entered into a second amended and restated offer letter and employment agreement with Interim CFO Adam K. Bowen. His annual base salary remains $400,000 with a 35% target annual bonus. The agreement waives the repayment of a $100,000 cash award from December 2025 and provides for a $100,000 cash award in June 2026, with additional $100,000 awards every three months until a permanent CFO is appointed. It also establishes pro-rata bonus eligibility for FY2026 and specifies that Mr. Bowen will revert to VP of Financial Planning & Analysis if not selected as permanent CFO. Vestis Corporation operates in the healthcare services industry, providing clinical apparel and textile services.