ServiceMaster has named Naren Gursahaney, current chairman of the board, as interim CEO of the company.
He succeeds Nik Varty, who has stepped down as CEO and board member to pursue other opportunities. Varty will continue to assist ServiceMaster’s management team and board of directors in an advisory role for a short period to ensure a smooth transition, according to the company.
Mark Tomkins, who has served as a member of the board of directors since June of 2015, will assume Gursahaney’s role as lead independent director.
“We believe ServiceMaster shareholders would benefit from our Terminix business becoming a pure-play, global pest control company with enhanced management focus and resources,” Gursahaney said. “We expect that proceeds arising from a possible transaction would be used for debt reduction, prudent strategic growth opportunities and shareholder returns. At the same time, we will continue to advance our commitment to predictable, sustainable growth and profitability at Terminix through continued execution of the cultural and operational transformation of the business that is underway.”
The board has launched a process to choose a successor to lead ServiceMaster including selecting an outside, executive search firm to assist in evaluating qualified candidates.
Gursahaney was appointed non-executive chair of the board of directors on May 1, 2019. He has served on the board of directors since December 2017.
He is also the former president and CEO of The ADT Corp., a leading provider of security and automation solutions for homes and businesses in the United States and Canada. Prior to ADT’s separation from Tyco International Ltd., in September 2012, Gursahaney served as president of Tyco’s ADT North American Residential business segment and was the president of Tyco Security Solutions, then a provider of electronic security to residential, commercial, industrial and governmental customers and the largest operating segment of Tyco.