MDR Overview

Appointment Announcement: IES Holdings, Inc. has appointed Kelly C. Janzen to its Board of Directors effective May 12, 2025, with the Chairman expressing excitement about her extensive finance and accounting experience.

Professional Background: Ms. Janzen has over 30 years in financial leadership roles, including positions at Vestis Corporation, BlueLinx Corporation, and WestRock Company, and holds a Bachelor of Science degree in Accounting from Louisiana State University.

First Quarter 2025 Financial Performance: Vestis Corporation reported Q1 revenue of $684 million and adjusted EBITDA of $81 million, both in line with expectations. The company also prepaid $20 million of term loan debt and maintained a net leverage ratio of 3.80x.

Leadership Transitions: Vestis announced the departure of CFO Rick Dillon and the appointment of Kelly Janzen as his successor, alongside the retirement of Chief Legal Officer Tim Donovan and the promotion of Andre Bouchard to that role, effective February 14, 2025.