NEW YORK, Oct. 15, 2026 /PRNewswire/ -- The Ad Hoc Group of Term Lenders to Leslie's, Inc. ("Leslie's" or the "Company"), the largest direct-to-consumer brand in the U.S. pool and spa care industry, today announced that they intend to appoint Steven L. Ortega as the Company's future Chief Executive Officer upon the Company's emergence from chapter 11 proceedings. Mr. Ortega will work closely with the Ad Hoc Group in an advisory capacity and will be a member of a transformation committee during the pendency of the chapter 11 proceedings to advise on strategy and turnaround priorities.
Mr. Ortega is a seasoned retail executive who previously spent nearly two decades at Leslie's, serving in a series of senior leadership roles including Chief Financial Officer, Chief Operating Officer, President and Chief Executive Officer, and later as Chairman of the Board of Directors.
A spokesperson for the Ad Hoc Group said: "This restructuring is an opportunity to give Leslie's the financial strength and operating flexibility to invest in its people, strengthen the store experience and earn customers' loyalty. Steve's deep understanding of Leslie's residential and professional customers and the vendor partnerships that support them, combined with his broader retail and omnichannel experience, makes him the right leader for Leslie's next chapter. We look forward to supporting Steve and the team in building a stronger Leslie's for the long term."
Mr. Ortega said: "Leslie's is a company I know well and care deeply about, and I'm excited about the opportunity to return as CEO following the Company's emergence. Pool and spa owners count on Leslie's for expert advice and the right products when they need them, and that trusted relationship with our customers is at the heart of this business. Leslie's has an iconic brand, talented associates and a leading position in the pool and spa industry. I believe strongly in the future of this business and look forward to working with our associates, management team and vendor partners to strengthen our operating foundation, better serve our customers and position Leslie's for sustainable, profitable growth."
Members of the Ad Hoc Group of Term Lenders include funds and accounts managed by Grey Helm Capital LLC, Axar Capital Management LP, Contrarian Capital Management, LLC, Cerberus Capital Management, L.P., and EdgePoint Investment Group, Inc.
SOURCE The Ad Hoc Group of Term Lenders to Leslie's, Inc.