Rollins (NYSE: ROL) plans CFO transition as Krause exits, Harkins steps up
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Rollins, Inc. announced a planned chief financial officer transition. Kenneth Krause will resign as Executive Vice President and CFO effective June 15, 2026, to pursue an opportunity in another industry, and will advise the company through September 30, 2026 under a separation and transition agreement. The company states his resignation does not involve any disagreement regarding operations, policies, or practices.
The Board appointed William Harkins, currently Chief Accounting Officer, to become Executive Vice President and CFO on the same date. Harkins, a CPA with more than 20 years of finance and accounting experience, will receive a base salary of $610,000, revised bonus and equity targets, and a one-time $500,000 restricted stock grant vesting over three years. Krause will retain vesting on 8,000 previously granted restricted shares if he completes the advisory period and complies with post-employment covenants.
Positive
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Negative
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Insights
Rollins discloses an orderly CFO handoff with internal succession and retention terms.
Rollins is managing a key leadership change by elevating its Chief Accounting Officer, William Harkins, to Executive Vice President and CFO effective June 15, 2026. The company emphasizes that outgoing CFO Kenneth Krause’s resignation involves no disagreements on operations or policies, signaling a planned transition rather than conflict.
The separation agreement keeps Krause engaged through September 30, 2026, with continued salary to the transition date and vesting of 8,000 restricted shares contingent on advisory services and covenant compliance. Harkins’ new package, including a $610,000 base salary and a one-time $500,000 restricted stock grant, aligns with typical executive compensation structures and seeks continuity in financial leadership.
8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
New CFO base salary: $610,000 per year
One-time restricted stock grant: $500,000 value
Restricted shares for Krause: 8,000 shares
+3 more
6 metrics
New CFO base salary
$610,000 per year
Annual base salary for William Harkins as CFO
One-time restricted stock grant
$500,000 value
Restricted stock for Harkins granted July 1, 2026, vesting over 3 years
Restricted shares for Krause
8,000 shares
Previously granted restricted stock vesting around February 20, 2027
CFO transition effective date
June 15, 2026
Date Krause resigns and Harkins becomes CFO
Advisory services end date
September 30, 2026
End of Krause’s transition advisory period
Non-compete duration
24 months
Post-employment non-competition covenant from vesting date
Key Terms
Separation Agreement, restricted stock, performance share units, non-competition covenant, +1 more
5 terms
Separation Agreement financial
"which is reflected in a Separation and Transition Agreement entered into between Mr. Krause and the Company"
A separation agreement is a written contract that spells out the financial and legal terms when an employee and a company part ways, such as final pay, severance, continued benefits, confidentiality, and any release of claims. For investors, it matters because these agreements determine immediate costs, potential future liabilities, and whether departing staff are restricted from competing or disclosing information—factors that can affect a company’s cash flow, risk profile, and leadership continuity.
restricted stock financial
"a one-time award of restricted stock to be granted on July 1, 2026, with a value of $500,000"
Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.
non-competition covenant financial
"including a twenty-four-month non-competition covenant and a twenty-four month non-solicitation covenant"
forward-looking statements regulatory
"This press release as well as other written or oral statements by the Company may contain “forward-looking statements”"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 26, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (404) 888-2000
Not Applicable
(Former name of former address, if changes since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 26, 2026, the Board of Directors (the “Board”) of Rollins, Inc. (the “Company”) approved the appointment of William Harkins, who is currently the Company’s Chief Accounting Officer (“CAO”), to also become the Company’s Executive Vice President and Chief Financial Officer (“CFO”), effective June 15, 2026 (the “CFO Transition Date”). This is in connection with the resignation on May 26, 2026, by the Company’s current CFO, Kenneth Krause, to pursue another opportunity, effective as of the CFO Transition Date. Mr. Krause’s resignation does not involve any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices.
Mr. Harkins, age 45, has served as the Company’s CAO since March 2025. He joined from Mohawk Industries, Inc., where he served as Chief Accounting Officer and Corporate Controller for three years. Prior to that, Mr. Harkins was the Assistant Controller for Mars, Incorporated and spent fourteen years at The Coca-Cola Company. He began his career in the audit practice at Ernst & Young LLP. Mr. Harkins holds both a Master of Accountancy and a Bachelor of Business Administration in Accounting from the University of Georgia. He is a Certified Public Accountant in Georgia.
In connection with the appointment of Mr. Harkins to become CFO, the Human Capital Management and Compensation Committee of the Board approved an annual base salary of $610,000 and adjustments to his target annual bonus and target annual equity grant opportunities (to be granted in the form of restricted stock and performance share units) commensurate with his role as CFO. The Committee also approved a one-time award of restricted stock to be granted on July 1, 2026, with a value of $500,000, with the number of shares to be determined using the closing stock price on such date, that will vest on the Company’s standard form in equal installments based on his continued employment through each of the first three anniversaries of the grant date. Mr. Harkins will also be eligible for benefits consistent with those provided to other Company senior executives and D&O indemnity coverage that is customary for executive officers. Mr. Harkins will remain subject to his existing restrictive covenants and be eligible for change-in-control and severance protections customarily offered to the Company’s executive officers.
Mr. Krause has agreed to provide advisory services in support of the transition through September 30, 2026, which is reflected in a Separation and Transition Agreement entered into between Mr. Krause and the Company as of May 26, 2026 (the “Separation Agreement”). Under the Separation Agreement, Mr. Krause will resign from his CFO role and all employment effective as of the CFO Transition Date and continue to receive his current base salary and benefits through such date. During the advisory period, Mr. Krause will not receive continued compensation other than that 8,000 shares of restricted stock previously granted to Mr. Krause under the Company’s 2018 Stock Incentive Plan that otherwise would have vested on or about February 20, 2027 (the “Vesting Date”), will vest as of the Vesting Date, subject to Mr. Krause’s provision of advisory services through September 30, 2026, and continued compliance with restrictive covenants and the execution and non-revocation of a release. Mr. Krause will remain subject to his existing post-employment restrictive covenants, including a twenty-four-month non-competition covenant and a twenty-four month non-solicitation covenant (each measured from the Vesting Date), as well as perpetual confidentiality and non-disparagement obligations. The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Mr. Harkins has no family relationships that require disclosure pursuant to Item 401(d) of Regulation S-K and has not been involved in any transactions that require disclosure pursuant to Item 404(a) of Regulation S-K. There is no arrangement or understanding between Mr. Harkins and any other person pursuant to which Mr. Harkins was named Executive Vice President and CFO. His employment is at will and is subject to the discretion of the Board.
Item 9.01 Financial Statements and Exhibits.
| Exhibit No. | Description | |||||||
| 10.1 | Separation Agreement, dated May 26, 2026 | |||||||
| 99.1 | Press Release, dated May 27, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded with the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Rollins, Inc. has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ROLLINS, INC.
Date: May 27, 2026 | By: | /s/ Jerry E. Gahlhoff, Jr. | ||||||
| Name: | Jerry E. Gahlhoff, Jr. | |||||||
| Title: | President and Chief Executive Officer | |||||||
May 27, 2026
ROLLINS, INC. ANNOUNCES CFO TRANSITION
ATLANTA, May 27, 2026: Rollins, Inc. (NYSE:ROL), a premier global consumer and commercial services company, today announced that Kenneth D. Krause, Executive Vice President and Chief Financial Officer, will resign to pursue an opportunity with a company in an unrelated industry, effective June 15, 2026. To support an orderly transition, Mr. Krause has agreed to a transition services agreement to advise the Company during a transition period. The Company also announced that William W. Harkins has been elected Executive Vice President and Chief Financial Officer, effective June 15, 2026.
Since joining Rollins in 2022, Mr. Krause has made substantial contributions to the Company. During his tenure, he has advanced efforts to modernize the business, optimized the capital structure, increased investor transparency, and led several key capital markets transactions. These efforts, coupled with exceptional execution by the entire Rollins team, have grown the Company’s market capitalization by more than fifty percent, while the dividend has increased more than eighty percent since 2022. The Board and management team are grateful for Mr. Krause’s leadership, judgment, and many contributions to Rollins, and appreciate his willingness to continue supporting the Company during the transition period.
“Ken has been an outstanding leader and trusted partner to me, our leadership team, and our Board,” said Jerry Gahlhoff, President and Chief Executive Officer of Rollins. “He has strengthened our finance organization, supported the continued growth and evolution of our business, and played an important role in advancing our long-term strategy. We are deeply appreciative of all he has done for Rollins.”
“It has been a privilege to serve Rollins and work alongside such a talented team,” said Mr. Krause. “I am incredibly proud of all that we have accomplished together over the last several years, including the continued strengthening of the finance function and the progress we have made in support of the Company’s long-term growth and modernization efforts. I look forward to supporting the Company in the coming months to ensure a smooth transition.”
Mr. Harkins, who succeeds Mr. Krause, has over twenty years of extensive financial and accounting leadership experience. He has an exceptional track record of building and leading high-performing teams across a variety of finance functions. He joined Rollins in March 2025 as Chief Accounting Officer. Prior to joining Rollins, he served as Chief Accounting Officer and Corporate Controller at Mohawk Industries, Inc. He also held leadership positions with Mars, Incorporated and The Coca-Cola Company where he led teams through significant transformation. He began his career in the audit practice of Ernst & Young LLP. Mr. Harkins holds both a Master of Accountancy and a Bachelor of Business Administration in Accounting from the University of Georgia and is a Certified Public Accountant in Georgia.
“Will is a highly respected finance leader with deep accounting expertise, strong operating discipline, and a clear understanding of our business,” added Mr. Gahlhoff. “Having worked closely with Ken and the broader leadership team, Will is well prepared to step into the CFO role and help ensure continuity as we continue to execute our strategy.”
“I am honored to take on the role of Chief Financial Officer at Rollins,” said Mr. Harkins. “Rollins is uniquely positioned with a solid foundation, a differentiated business model, and an attractive pathway for continued shareholder value creation. I look forward to working with Jerry, Ken, the Board, and the broader team to build on the Company’s exceptional momentum and support our next phase of growth.”
About Rollins, Inc.
Rollins, Inc. (ROL) is a premier global consumer and commercial services company. Through its family of leading brands, the Company and its franchises provide essential pest and wildlife control services to more than 2.8 million customers around the world. Rollins has more than 22,000 teammates and more than 850 company-owned and franchised locations. You can learn more about Rollins and its subsidiaries by visiting www.rollins.com.
For Further Information Contact
Lyndsey Burton
(404) 888-2348
Cautionary Statement Regarding Forward-Looking Statements
This press release as well as other written or oral statements by the Company may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current opinions, expectations, intentions, beliefs, plans, objectives, assumptions and projections about future events and financial trends affecting the operating results and financial condition of our business. Although we believe that these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions, or expectations. Generally, statements that do not relate to historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, are forward-looking statements. The words “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “should,” “will,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements regarding expectations with respect to our financial and business performance and growth.
These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts, and assumptions, and involve a number of judgments, risks and uncertainties. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements including, but not limited to, those set forth in the sections entitled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and may also be described from time to time in our future reports filed with the SEC.
Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required by law.
FAQ
What CFO leadership change did Rollins (ROL) announce?
Rollins announced that Kenneth D. Krause will resign as Executive Vice President and Chief Financial Officer on June 15, 2026. William W. Harkins, currently Chief Accounting Officer, will become Executive Vice President and CFO effective the same date, providing internal succession and continuity in financial leadership.
Why is Rollins (ROL) CFO Kenneth Krause resigning?
Kenneth Krause is resigning as Rollins’ Executive Vice President and CFO to pursue an opportunity with a company in an unrelated industry. The company states his resignation does not involve any disagreement over operations, policies, or practices, and he will assist during a defined transition period.
What is the new compensation package for Rollins CFO William Harkins?
William Harkins will receive an annual base salary of $610,000 as Rollins’ CFO. He will also have increased target bonus and equity opportunities and a one-time $500,000 restricted stock grant vesting in three equal annual installments, subject to continued employment.
How long will outgoing Rollins CFO Kenneth Krause support the transition?
Kenneth Krause will provide advisory services to Rollins through September 30, 2026, following his CFO resignation effective June 15, 2026. During this period, he supports an orderly handoff and can retain vesting on 8,000 restricted shares if he fulfills advisory and covenant conditions.
What equity awards are tied to Kenneth Krause’s Rollins separation agreement?
Under the separation agreement, 8,000 shares of restricted stock previously granted to Kenneth Krause will vest on or about February 20, 2027. Vesting depends on him providing advisory services through September 30, 2026, complying with restrictive covenants, and executing and not revoking a release.
What post-employment covenants apply to former Rollins CFO Kenneth Krause?
Kenneth Krause remains subject to existing post-employment covenants, including a 24-month non-competition and 24-month non-solicitation period measured from the vesting date of his restricted shares. He is also bound by perpetual confidentiality and non-disparagement obligations under the separation agreement.