EHS Management Nominates Three New Directors for TrueBlue
EHS Management issued a letter to the board of directors and shareholders of TrueBlue, which read, in part, "EHS Management welcomes the addition of two new directors to the TrueBlue board, which we believe underscores the broad recognition of the issues we have raised through our public and private engagement with the Company. EHS looks forward to engaging constructively with the Board, including the new directors, on delivering long-term shareholder value. However, although we are pleased that our involvement has contributed to this initial step towards meaningful change, further enhancements to the Board remain necessary to unlock value at TrueBlue. Despite the changes announced, significant gaps in the experience and expertise of TrueBlue's Board persist: A lack of seasoned and independent staffing executives capable of providing credible oversight of TrueBlue's strategic, operational and cultural direction - critical to reversing the Company's ongoing loss of staffing market share. A lack of experienced technical product leaders with a proven record of building or scaling digital platforms - critical for overseeing the substantial investments of shareholder capital in JobStack as a core pillar of TrueBlue's strategy. Insufficient capital allocation and capital markets expertise across the domains most relevant to TrueBlue's performance, leading to failures in M&A like the ill-fated acquisition of Healthcare Staffing Professionals. Minimal insider ownership and financial "'skin in the game' by independent Board directors, weakening alignment with shareholders and reducing accountability. While the new directors announced by TrueBlue are a step in the right direction, the Board's failure to address these gaps demonstrates an inability to fully grasp and respond to the scope of TrueBlue's challenges...Accordingly, we are pleased to put forward for public consideration three highly qualified nominees, who we believe will help complete the Board's long-overdue refresh and better position TrueBlue for long-term success...Wayne Larkin - former President and COO of PeopleReady, a TrueBlue company; Dave Fleischman - former Chief Product Officer of Angi, the leading digital marketplace for home service professionals; Eric Su - Founder of EHS Investments."
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TrueBlue Executes Strategic Plan to Enhance Profitability
- Financial Performance Improvement: TrueBlue is executing a disciplined strategic plan that has strengthened performance in attractive markets, particularly in skilled sectors, thereby driving a return to sustainable profitable growth.
- Cost Structure Optimization: By streamlining its cost structure, the company has enhanced profitability and leverage, indicating a strengthened market position in the competitive staffing industry.
- Board Refreshment: After months of engaging with shareholders, TrueBlue appointed two new directors with extensive industry experience to enhance operational oversight and accelerate company transformation.
- Digital Leadership: The enterprise-wide enhancements to the company's technology platforms are driving faster, more precise, and transparent workforce solutions, further solidifying its digital leadership in the industry.
EHS Management Nominates New Directors to Strengthen TrueBlue Board Expertise
- New Board Members: EHS Management welcomes the addition of two new directors to TrueBlue's board, which underscores broad recognition of the issues raised, yet further enhancements are necessary to improve board expertise and shareholder value.
- Experience Gaps: TrueBlue's board lacks seasoned independent staffing executives, digital platform leaders, and capital allocation expertise, which are critical for reversing the company's ongoing loss of market share.
- Shareholder Involvement: EHS Management believes shareholders should determine the level of board refreshment needed to ensure that new candidates' skills can enhance the board's capabilities and independence to better address the challenges facing the company.
- Nominated Candidates: EHS Management has nominated three candidates with extensive industry experience, focusing on staffing excellence, digital transformation, and disciplined capital allocation, aiming to fill the skills gaps on the board and drive long-term success for the company.
