Aramark has announced that Chairman, President & CEO Eric Foss is retiring. Foss will remain in an advisory capacity until October 2, 2019.

Lead Independent Director Stephen Sadove has been named non-executive chairman of the Board of Directors. Sadove, who has been an independent director on the Aramark Board since 2013, is the former Chairman and CEO of Saks Incorporated and former Chair of the National Retail Federation. A graduate of Hamilton College and Harvard University (MBA), Sadove currently serves on the Boards of Colgate-Palmolive Company, Park Hotels and Resorts and Movado Group, Inc.

The board has established an Office of the Chairman, whose members will oversee the company’s day-to-day operations and engage with the board until a successor to Foss is named.

“We thank Eric for his leadership and strategic contributions that position Aramark for future success. In addition to solid financial performance, Eric built a strong management team and advanced the Company’s efforts in diversity & inclusion, health & wellness and frontline education,” Sadove said in the company’s press release.

“It has been an honour and privilege leading Aramark through a transformative journey, from a successful IPO to an impressive run as a public company,” Foss added. “I am enormously proud of the Aramark Service Stars around the world and what we have accomplished together. The Company’s future prospects are extremely encouraging and I look forward to a smooth transition.”