US' Aramark's CFO announces retirement; Jim Tarangelo named successor

Aramark has announced that Tom Ondrof, chief financial officer (CFO), plans to retire from his current position on January 12, 2024, at which time he will serve as a strategic advisor through May 2024. Jim Tarangelo, Aramark’s senior vice president finance and treasurer, has been appointed to succeed Ondrof as CFO, effective January 13.

“Ondrof leaves a strong legacy that’s both broad and deep,” said John Zillmer, Aramark’s chief executive officer. “When I asked him to join Aramark shortly after my return, he left a hard-earned retirement to help us create and drive a successful growth strategy based on our hospitality culture, focused on accelerating net new business, optimising supply chain economics, containing above unit costs, and instilling a value-creating mindset across the organisation. On behalf of the board and the company leadership, I want to thank Ondrof for his immeasurable contributions, and wish him well as he returns to retirement.” 

“My goal, when joining Aramark four years ago, was to help put the company on a path to deliver consistent top-line growth, increased profitability, and financial flexibility, while strategically reviewing the portfolio, which eventually included the successful spin-off of the uniforms business in September,” said Ondrof. “We have taken the steps to re-position Aramark on a foundation built for long-term, sustainable performance, and I want to thank the team for their ongoing commitment to Aramark’s success. Tarangelo has been an essential partner in these achievements, and I have full confidence that I am leaving the role in very capable hands.”

In his current role, Tarangelo, a 20-year veteran of Aramark, currently leads the company’s operations relating to global treasury and capital markets, financial planning and analysis, mergers and acquisitions, and tax. His accomplished career at the company spans from operations finance to international finance, which included overseeing the finance organisations for South America and Emerging Markets, and ultimately serving as CFO, Aramark International.

Before joining Aramark, Tarangelo was at PricewaterhouseCoopers and Legg Mason within investment banking. He holds a bachelor’s degree in business and economics from Lafayette College and an MBA from The Wharton School of the University of Pennsylvania.

“This appointment demonstrates our strong bench talent and thoughtful succession planning,” said Zillmer. “I look forward to having Jim assume this role, given his proven track record and close collaboration with Ondrof over the past four years. His understanding of the nuances of our business, and his commitment to the success of the company, make him the right fit for the job as we continue to execute on our strategy. We are off to a strong start to the fiscal year and remain confident in our full-year outlook.”