Analyst Note| Joshua Aguilar |
Cintas CEO Scott Farmer will retire on May 31, 2021 but will remain executive chairman. Effective June 1, current COO Todd Schneider will assume the role of chief executive officer and president and will join the company’s board of directors. The number of company directors will increase to nine from eight as a result. We are confident in Schneider’s ability to carry on Cintas’ legacy of innovation in the uniform distribution and facilities services spaces. He’s spent 32 years with the firm, starting his career in Cintas’ Management Trainee Program, and ascending the ranks through various positions within the firm over time. We maintain our $248 fair value estimate.