Top 40 distributor Cintas Corp. (asi/162167) announced that founder Richard T. Farmer, 83, will not stand for re-election to the board this fall, though he will retain the title of chairman emeritus.
Farmer created Cintas from his family’s industrial laundry company in Cincinnati. He joined the family business in 1956, starting out as a sales rep, soon after graduating college. He was eventually named president of the company. In 1968, he struck out on his own to create a uniform company known as Satellite Corp. Within two years, he was able to acquire the family business. Satellite was renamed Cintas Corp. in the 1970s. Farmer served as CEO through 1995 and as board chairman through 2010.
“My father has been the heart and soul of Cintas for many years,” Chairman and CEO Scott Farmer said. “His vision and commitment have helped the company thrive and positioned it for even greater success in the future.”
Cintas, a Fortune 500 company, has an annual revenue of almost $6.5 billion. This year, it ranked 14th on Counselor’s list of Top 40 distributors, with $168.2 million in estimated North American sales of promotional products.