Richard Fink to retire as Chairman, G&K Services in Dec
29 Aug '05
4 min read
Effective with Fink's retirement on December 31, 2005 all Class B common stock of the Company convert to Class A common stock. Under a Stockholder Agreement that effectively expires with Fink's retirement, each share of Class B common stock has had a voting power equal to 10 shares of Class A common stock. The Stockholder Agreement affects 1,474,996 shares of Class B common stock. The conversion of Class B shares to Class A shares eliminates the super-voting rights under the Stockholder Agreement. Each Class B share has the same monetary value as a Class A share, and the conversion will not affect this valuation.
US based G&K Services Inc is a market leader in branded identity apparel programs and facility services in the United States, and is the largest such provider in Canada. G&K operates over 140 processing facilities and branch offices, serving more than 160,000 customers.
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