LESL 8-K
Leslie's, Inc. (LESL)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Appointment of Interim Chief Financial Officer and Treasurer
On March 17, 2025, Leslie’s, Inc. (the “Company”) announced that the Board of Directors of the Company (the “Board”) appointed Tony Iskander, age 51, as the Company’s Interim Chief Financial Officer and Treasurer, effective as of March 14, 2025 (in which capacity he will serve as the Company’s principal financial officer and principal accounting officer).
Mr. Iskander brings nearly 30 years of experience in corporate finance, treasury, M&A, and capital markets, with a proven track record of driving financial and operational transformation. Prior to joining the Company, Mr. Iskander co-founded Stambrisk Consulting LLC, in 2024 where he also served as Managing Partner providing CFO-level consulting services to companies across public and private markets, working with leadership teams to navigate complex financial challenges, execute growth strategies and strengthen operational performance. Prior to launching Stambrisk Consulting LLC, Mr. Iskander spent over seven years at Advance Auto Parts (NYSE: AAP), an aftermarket auto retailer, from 2017 to 2024, where he held senior leadership roles, including Interim Chief Financial Officer, Senior Vice President of FP&A, Finance, and Treasurer. Mr. Iskander played a key role in Advance Auto Parts’ $1.5 billion divestiture of its wholesale business, orchestrated over $2 billion of capital restructuring and increased cash flow by over $500 million through strategic capital planning and improved working capital focus. Prior to Advance Auto Parts, he spent more than a decade at Hillrom, a healthcare manufacturing and technology company, where he held progressive finance leadership roles. Earlier in his career, he built a strong foundation in accounting, financial reporting, internal audit, and treasury across multiple public companies. Mr. Iskander earned his bachelor’s degree in financial management from Indiana University and an MBA in finance from Indiana University’s Kelley School of Business. Mr. Iskander will receive an annual base salary of $550,000. Mr. Iskander will be eligible for a monthly bonus in the amount of $34,375 for each completed month as interim Chief Financial Officer. Mr. Iskander will not be eligible for any cash incentive under the Company’s Annual Incentive Plan and is not expected to be granted equity awards as interim Chief Financial Officer.
Mr. Iskander is the co-founder and partner of Stambrisk Consulting LLC, which has been performing services for the Company since December 2024. As of the date hereof, the Company has paid Stambrisk Consulting LLC approximately $156,000. There is no family relationship between Mr. Iskander and any of the Company’s directors or executive officers and there are no arrangements or understandings with other persons pursuant to which Mr. Iskander was selected as an officer.
Appointment of Chief Retail Operations and Talent Officer
On March 17, 2025, the Company announced that the Board promoted Naomi Cramer, the Company’s current Chief People Officer, to the position of Chief Retail Operations and Talent Officer, a new role expected to, among other things, combine the respective duties of the Company’s Chief People Officer and Chief Stores Officer.
Ms. Cramer and her immediate family members are not party to any related party transactions for which disclosure would be required pursuant to Item 404(a) of Regulation S-K. There is no family relationship between Ms. Cramer and any of the Company’s directors or executive officers and there are no arrangements or understandings with other persons pursuant to which Ms. Cramer was selected as an officer.
Departure of Chief Financial Officer
On March 17, 2025, the Company announced that Scott Bowman, Chief Financial Officer and Treasurer (and, in such capacities, principal financial officer and principal accounting officer) of the Company, departed from the Company, effective March 14, 2025. Mr. Bowman’s departure was not due to any disagreement with the Company on any matter relating to the Company’s operations, financial statements or accounting.
In connection with his departure, Mr. Bowman will become entitled to the payments and benefits applicable under the Executive Severance Pay Plan, dated as of July 17, 2023, between Mr. Bowman and the Company (the “Severance Agreement”), upon a termination of employment by the Company without cause, in accordance with and subject to the terms thereof, including the Company's receipt of an effective release of claims against the Company from Mr. Bowman. The Severance Agreement is filed as Exhibit 10.27 to the Company's Annual Report on Form 10-K for the fiscal year ended September 28, 2024, filed with the Securities and Exchange Commission on November 27, 2024.
Departure of Chief Stores Officer
On March 17, 2025, the Company announced that Dave Caspers will be stepping down from his position as Chief Stores Officer of the Company effective March 26, 2025. Mr. Caspers’ departure was not due to any disagreement with the Company on any matter relating to the Company’s operations, financial statements or accounting.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Description |
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99.1 |
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104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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LESLIE'S, INC. |
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Date: |
March 17, 2025 |
By: |
/s/ Benjamin Lindquist |
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Name: Title: |
Benjamin Lindquist |
Exhibit 99.1
Leslie’s, Inc. Announces Executive Leadership Changes
PHOENIX, AZ - March 17, 2025 - Leslie’s, Inc. (“Leslie’s”, “we”, “our”, “its”, or “Company”; NASDAQ: LESL), the largest and most trusted direct-to-customer brand in the U.S. pool and spa care industry serving residential customers and pool professionals nationwide, today announced a series of senior leadership changes as part of the Company’s ongoing work to support its transformation.
Interim Chief Financial Officer Appointment
Tony Iskander has been appointed Interim Chief Financial Officer (CFO) and Treasurer, effective March 14, 2025. Mr. Iskander is a seasoned executive with nearly 30 years of experience driving growth and empowering organizations to capitalize on value creation opportunities by demonstrating financial, accounting, and operational leadership. As Managing Partner of Stambrisk Consulting LLC, he has been advising Leslie’s since December 2024 as a senior finance and accounting consultant. As a result, Mr. Iskander already has a substantial understanding of Leslie’s business and operations, which will help provide for a seamless transition.
Jason McDonell, Chief Executive Officer, said, “Tony’s appointment demonstrates our commitment to acting decisively and with urgency as we continue to transform Leslie’s and position the Company for long-term value creation. I have worked with Tony for multiple years, and Leslie’s is fortunate to have a professional of his caliber to help drive our transformation. Through his senior financial leadership positions in public companies, he brings a deep understanding of FP&A, treasury, working capital management, and capital structure, which we believe will be invaluable as we continue to execute against our strategic plan. Tony will play a critical role in our top capital priority of debt reduction with his diverse skill set in balance sheet optimization, including inventory and working capital productivity, optimization of core assets, and strategic evaluation of non-core assets. I’m confident that leveraging his leadership and experience will help accelerate our transformation journey to drive sustainable profitable growth around our key strategic themes of Customer Centricity, Convenience and Asset Utilization.”
Leslie’s is conducting a search with the assistance of a leading executive search firm to identify the company’s next permanent CFO, and Mr. Iskander is a candidate in that process. Scott Bowman, who has served as CFO since 2023, has left the Company, effective concurrently with Mr. Iskander’s appointment. Mr. Bowman’s departure is not a result of any disagreement related to the Company, or any matter related to its operations, policies, or practices.
Additional Leadership Changes
Leslie’s today also announced the following leadership changes, effective March 14, 2025:
Mr. McDonell continued, “I want to congratulate Naomi on her well-deserved promotion, which is a testament to her strong leadership capabilities and contributions at Leslie’s. Given Naomi’s deep retail experience, I am confident that she will help us continue to drive the strategic changes we are making to help enhance our business and drive long-term growth, including our renewed focus on the fundamentals of retail execution. We also wish both Scott and Dave well in their future endeavors and thank them for their contributions.”
Biographies
Tony Iskander
Mr. Iskander has nearly 30 years of expertise in corporate finance, treasury, M&A, and capital markets, with a proven track record of driving financial and operational transformation. Prior to joining the company, Mr. Iskander co-founded Stambrisk Consulting LLC, where he also served as Managing Partner providing CFO-level consulting services to companies across public and private markets, working with leadership teams to navigate complex financial challenges, execute growth strategies, and strengthen operational performance.
Before launching Stambrisk, Mr. Iskander spent over seven years at Advance Auto Parts (NYSE: AAP) (2017–2024), where he held senior leadership roles, including Interim Chief Financial Officer, Senior Vice President of FP&A, Finance, and Treasurer. Prior to Advance Auto Parts, he spent more than a decade at Hillrom, a healthcare manufacturing and technology company, where he held progressive finance leadership roles. Earlier in his career, he built a strong foundation in accounting, financial reporting, internal audit, and treasury across multiple public companies. Mr. Iskander earned his bachelor’s degree in financial management from Indiana University and an MBA in finance from Indiana University’s Kelley School of Business.
Naomi Cramer
Ms. Cramer is a highly experienced retail executive and has worked in the retail industry for more than 28 years. She joined Leslie’s in 2022 and has served as Leslie’s Chief People Officer since May 2023. Earlier in her career, Ms. Cramer held a series of roles of increasing responsibility focused on store retail operations, distribution, and human resources for nearly 25 years at the Target Corporation (NYSE: TGT). Her last role was Senior Vice President of Field HR, where she led all areas of human resources for 350,000 employees in 1,780 retail stores and 37 distribution centers. After her Target experience, she joined Banner Health in December of 2014 as Vice President of Talent Acquisition and was then promoted to Vice President of
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Talent Management. Naomi was Chief Human Resources Officer at Banner Health from June 2016 to February 2022 just prior to joining Leslie’s. Ms. Cramer holds a Bachelor of Science degree from the University of Phoenix.
About Leslie’s
Founded in 1963, Leslie’s is the largest and most trusted direct-to-customer brand in the U.S. pool and spa care industry serving residential customers and pool professionals nationwide. The Company serves the aftermarket needs of residential and professional consumers with an extensive and largely exclusive assortment of essential pool and spa care products. The Company operates an integrated ecosystem of over 1,000 physical locations and a robust digital platform, enabling consumers to engage with Leslie’s whenever, wherever, and however they prefer to shop. Its dedicated team of associates, pool and spa care experts, and experienced service technicians are passionate about empowering Leslie’s consumers with the knowledge, products, and solutions necessary to confidently maintain and enjoy their pools and spas.
Forward-Looking Statements
This press release contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including statements regarding our future results of operations or financial condition, business strategy, value proposition, legal proceedings, competitive advantages, market size, growth opportunities, industry expectations, and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would,” or the negative of these words or other similar terms or expressions. Our actual results or outcomes could differ materially from those indicated in these forward-looking statements for a variety of reasons, including, among others:
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You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this press release primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors described in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended September 28, 2024 and in our other filings with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time-to-time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results or outcomes could differ materially from those described in the forward-looking statements.
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this press release, and while we believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.
The forward-looking statements made in this press release are based on events or circumstances as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information, changed expectations, the occurrence of unanticipated events or otherwise, except as required by law. We may not actually achieve the plans, intentions, outcomes or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.
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Investors
Matthew Skelly
Vice President, Investor Relations
Leslie’s, Inc.
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FGS Global
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