Trueblue SEC Filings

TrueBlue, Inc. received an amended ownership report showing that Royce & Associates LP, a New York investment adviser, beneficially owns 1,637,359 shares of TrueBlue common stock, representing 5.47% of the class as of 12/31/2025. Royce & Associates has sole power to vote and to dispose of these shares, with no shared voting or dispositive power.

The shares are held in investment management accounts of clients of Royce & Associates, which is an indirect majority-owned subsidiary of Franklin Resources, Inc. Royce & Associates states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of TrueBlue. The firm disclaims any pecuniary interest and does not consider itself part of a group with Franklin Resources, its affiliates, or their principal shareholders for this ownership.

EHS Management LLC and affiliated investors have launched a proxy solicitation effort focused on TrueBlue, Inc. They state that they intend to file a preliminary proxy statement and use a WHITE universal proxy card to seek votes for their own slate of director nominees at TrueBlue’s 2026 annual meeting of stockholders.

The participant group, referred to collectively as “EHS,” is anticipated to include EHS Management, EHS Azure Opportunity Fund, LP, Eric H. Su, David Fleischman and Wayne Larkin. According to the disclosure, EHS Azure directly beneficially owns 190,131 shares of TrueBlue common stock, and Eric H. Su directly beneficially owns 535,073 shares. Through their roles, EHS Management and Mr. Su may be deemed to beneficially own the shares held by EHS Azure. The filing emphasizes that stockholders are strongly advised to read the proxy statement and related materials when they become available.

Boston Partners, an investment adviser organized in Delaware, reported beneficial ownership of 2,217,444 shares of TrueBlue, Inc. common stock, representing 7.41% of the class as of 12/31/2025. These shares are held in discretionary accounts for certain clients, with Boston Partners having sole power to vote and dispose of the shares and no shared voting or dispositive power.

Boston Partners states that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of TrueBlue. To its knowledge, no other person has rights to dividends or sale proceeds on more than 5% of the outstanding common stock referenced.

TrueBlue, Inc. director William Greenblatt has reported that he does not own any company securities. As of January 5, 2026, the filing states that he holds zero TrueBlue, Inc. securities and that no securities are beneficially owned by him. The form is filed as a standalone Form 3 for one reporting person in his capacity as a director.

The document also notes that a power of attorney (Exhibit 24) is attached, authorizing an attorney-in-fact to sign on his behalf.

TrueBlue, Inc. director Seward William J. filed an initial Form 3 indicating that, as of January 5, 2026, he holds zero TrueBlue securities. The filing further states that no securities of TrueBlue, Inc. are beneficially owned by him, meaning he reports no direct or indirect ownership in the company’s stock or derivative securities at this time.

TrueBlue, Inc. reported a leadership change in its finance organization. The company appointed Brian Capone as Senior Vice President and Chief Accounting Officer, effective January 12, 2026, succeeding Carl Schweihs in the role of principal accounting officer. Mr. Schweihs will continue as Executive Vice President and Chief Financial Officer.

Capone brings prior chief accounting officer and controller experience from Avaya, embecta Corp., and Cantel Medical Corporation, along with earlier finance roles at Stryker and Quest Diagnostics. Under his employment agreement, he will receive a base salary of $315,000, eligibility starting in 2027 for annual equity awards equal to 30% of base salary and a cash bonus of up to 30% of base salary tied to performance, and a one-time cash award equal to 40% of base salary that vests over four years. He will also enter into standard indemnification and noncompetition agreements with the company.

TrueBlue, Inc. reported that it issued a press release responding to a letter from EHS Management, LLC, which disclosed its intent to nominate director candidates at TrueBlue’s 2026 annual meeting of shareholders. The company’s press release, filed as an exhibit, is titled "TrueBlue Highlights Recent Board Refreshment and Strategic Initiatives Underway to Achieve Long-Term Profitable Growth," indicating that the company is emphasizing changes to its board and ongoing strategic initiatives aimed at long-term profitable growth. This disclosure signals an upcoming contest over board representation and outlines that TrueBlue is publicly communicating its governance and strategy position to shareholders.

EHS Management LLC, a significant shareholder of TrueBlue, Inc., is preparing a proxy campaign for the 2026 annual meeting, where it plans to solicit votes on a WHITE universal proxy card for three director nominees. EHS welcomes TrueBlue’s recent addition of two new directors but argues that gaps remain in board expertise and questions whether the refresh reflects genuine change or board entrenchment. The group is proposing nominees focused on staffing excellence (Wayne Larkin), digital transformation (David Fleischman), and capital allocation and shareholder representation (Eric H. Su). EHS Azure Opportunity Fund directly beneficially owns 190,131 TrueBlue shares, and Eric H. Su directly beneficially owns 535,073 shares, and EHS urges shareholders to review forthcoming proxy materials that will be filed with the SEC.

TrueBlue, Inc. reported that Kristy Willis, Executive Vice President of its PeopleReady business, is no longer employed by the company, effective December 10, 2025. The company stated that her departure was not due to any disagreement with TrueBlue regarding its operations, policies, or practices. The update focuses solely on this leadership change and does not describe any related strategic shift or financial impact.