EHS Management, LLC, a significant shareholder of TrueBlue, Inc. (NYSE: TBI), announced its nomination of three directors to the board, aiming to address persistent gaps in expertise. The announcement comes alongside a letter expressing both support for recent board changes and concerns about the overall direction of the company.
In a letter dated January 8, 2026, EHS Management welcomed the addition of two new directors to TrueBlue’s board, stating it reflects a recognition of issues highlighted through their engagement with the company. Yet, EHS emphasized that further enhancements are necessary to unlock TrueBlue’s potential and enhance shareholder value.
EHS raised specific concerns regarding the board’s composition. They identified a lack of experienced staffing executives, which is crucial for reversing the company’s ongoing loss of market share. Additionally, EHS pointed out the absence of technical leaders capable of guiding TrueBlue’s digital platform, JobStack, as well as insufficient expertise in capital allocation and capital markets, which has led to unsuccessful acquisitions.
The letter underscores a belief that while the new directors represent progress, they do not sufficiently address the existing deficiencies. EHS criticized the board’s failure to disclose which long-tenured members would step down to accommodate the new appointments, suggesting this could indicate an attempt to maintain the status quo rather than facilitate meaningful change.
“Is this indicative of a board genuinely committed to listening to shareholders and holding itself accountable?” EHS questioned in its correspondence. They argue that shareholders, not the current board members, should determine the level of refreshment needed for TrueBlue’s leadership.
In response to these concerns, EHS has put forward three highly qualified nominees for consideration:
Wayne Larkin – A seasoned staffing industry expert, Larkin previously served as President and Chief Operating Officer at PeopleReady, a subsidiary of TrueBlue. With nearly 30 years of experience in the staffing sector, he played a key role in scaling the business to over $1.6 billion in revenue. His operational expertise and commitment to talent development are seen as assets that could drive TrueBlue forward.
Dave Fleischman – An authority in digital transformation, Fleischman has held significant roles including Chief Product Officer at Angi, where he led product strategy and user experience. His track record in revitalizing companies’ digital platforms positions him as a vital addition to the TrueBlue board, particularly as the company seeks to enhance its digital services.
Eric H. Su – Founder of EHS Investments and a major shareholder in TrueBlue, Su brings extensive experience in capital markets and corporate development. His background includes leadership positions in M&A at IAC and a role on the board of Employbridge, highlighting his expertise in navigating complex financial landscapes.
EHS believes that these nominees will fill crucial gaps in the board’s capabilities and enhance oversight in three key areas: staffing excellence, digital transformation, and disciplined capital allocation.
EHS Management has expressed its commitment to engaging constructively with TrueBlue’s board, including the newly appointed directors, to foster long-term shareholder value. They intend to file a preliminary proxy statement with the Securities and Exchange Commission (SEC) to solicit votes for their nominees at the upcoming annual meeting.
As TrueBlue navigates these changes, the upcoming decisions about board composition will be pivotal for its strategic direction and the enhancement of shareholder interests in the coming years. EHS remains focused on ensuring that the board evolves in a way that aligns with the interests and expectations of TrueBlue’s investors.
