Leslie's Announces Changes To Its Board Of Directors; John Strain Assumes Role Of Lead Independent Director And Named Chairman-Elect; Steven L. Ortega Will Retire At Leslie's 2024 Annual Meeting Of Shareholders
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Leslie's, Inc. (NASDAQ:LESL) announced board changes with Steven L. Ortega retiring at the 2024 Annual Meeting and not seeking reelection. John Strain is now Lead Independent Director and Chairman-Elect, while James Ray, Jr. stepped down from the board. Ortega's retirement follows nearly two decades of service, including as CEO and President. Under his leadership, Leslie's surpassed 1,000 stores and went public. Strain, with over 30 years in retail technology and e-commerce, aims to drive profitable growth. The board size will decrease from nine to eight immediately, and to seven in 2024.
December 19, 2023 | 9:15 pm
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Steven L. Ortega will retire from Leslie's board in 2024, with John Strain assuming the role of Lead Independent Director and Chairman-Elect. The board size will reduce from nine to eight, and further to seven in 2024.
Board changes often signal strategic shifts and can affect investor sentiment. However, the planned retirement of Ortega and appointment of Strain seem orderly and unlikely to cause immediate disruption. The reduction in board size could be seen as a move towards efficiency, but the impact on the stock price is uncertain without further details on the strategic implications.
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