Sotera Health Taps Financial Pro for Board Amid Governance Shift

CLEVELAND, OH – March 16, 2026 – Sotera Health Company (Nasdaq: SHC), a global leader in healthcare sterilization and lab services, today announced a significant shift in its boardroom, appointing seasoned financial executive Kenneth D. Krause as an independent director while simultaneously accepting the resignation of a long-tenured board member. The move signals a strategic pivot in the company's governance structure, emphasizing deep financial and strategic oversight as it navigates future growth.

Krause, the current Executive Vice President and Chief Financial Officer of Rollins, Inc., joins the board effective immediately. His appointment coincides with the departure of Constantine “Dean” S. Mihas, who has served on the board since 2020 and its predecessor's board since 2015. The company clarified that Mihas’s resignation is not due to any disagreement but is a direct result of structural changes in its Stockholders Agreement, reducing the number of directors certain shareholders can designate.

This dual announcement underscores a pivotal moment for Sotera Health, which is bolstering its financial expertise at the highest level while its governance framework evolves in the wake of its 2020 initial public offering.

A New Financial Architect for Growth

The addition of Kenneth Krause brings a formidable track record of financial leadership and value creation to Sotera Health. In his role at Rollins, a global services giant, his responsibilities were expanded in 2024 to include oversight of the company's International Brands. His tenure there has been marked by modernization initiatives that enhanced growth, profitability, and capital strategies.

“We are excited to welcome Ken to our Board of Directors,” said Michael B. Petras, Jr., Chairman and Chief Executive Officer of Sotera Health, in the company's official statement. “Ken’s leadership and proven track record of creating shareholder value as a public company chief financial officer for over 10 years, and his extensive experience in strategy, finance and governance will be tremendous assets as we continue to grow.”

Before joining Rollins in 2022, Krause spent over 15 years at MSA Safety Incorporated, rising to the roles of Senior Vice President, CFO, and Chief Strategy Officer. His consistent presence at major investor events, such as the recent J.P. Morgan Industrials Conference, highlights his role as a key communicator of corporate strategy to the financial community. This experience will be critical for Sotera Health as it aims to build on its recent financial success. The company recently posted strong full-year 2025 results, with revenues climbing 5.7% to $1.164 billion and its net leverage ratio improving from 3.7x to 3.2x. With a positive outlook for 2026 projecting revenue growth between 5% and 6.5%, Krause’s expertise in capital allocation and financial optimization appears perfectly timed.

Evolving Governance and Shareholder Dynamics

While Krause’s appointment points to a focus on future financial strategy, the departure of Dean Mihas sheds light on the company's evolving governance landscape. Mihas is a Managing Director and Co-CEO at GTCR, LLC, one of the private equity firms that stewarded Sotera Health before and after its IPO. His resignation, triggered by a reduction in director designation rights under the Stockholders Agreement, marks a formal shift in the board's composition away from its pre-public structure.

This change is a natural, albeit significant, step for a company transitioning from heavy private equity ownership to a more broadly held public entity. The Stockholders Agreement, dated November 19, 2020, has been a foundational document for Sotera Health's governance, influencing the makeup of its board and key committees. The adjustment leading to Mihas's departure indicates a planned evolution in shareholder influence, further evidenced by a secondary offering of 25 million shares by private equity firms Warburg Pincus and GTCR earlier this month, from which Sotera Health itself received no proceeds. These events collectively signal a maturing governance model where board composition is increasingly independent of its foundational investors.

Petras acknowledged Mihas’s significant contributions, stating, “We are grateful to Dean for his years of service and thoughtful contributions to Sotera Health. His perspective and leadership have been instrumental during an important period in the Company’s evolution.”

Strengthening Oversight in a High-Stakes Industry

Krause's appointment is not just about high-level strategy; it has immediate, practical implications for the company's risk and compliance framework. He will serve as a member of both the Audit Committee and the Litigation Committee, two bodies critical to navigating the complex and highly regulated healthcare services industry.

The Audit Committee is tasked with overseeing the integrity of financial reporting, internal controls, and the company's relationship with its auditors. The Litigation Committee, meanwhile, provides focused oversight on legal matters, a crucial function for Sotera Health. The company's Sterigenics business utilizes Ethylene Oxide (EO) for sterilization, a process that has faced significant legal and regulatory scrutiny. Having a board member with deep financial acumen on the committee dedicated to these issues is a strategic move to ensure that legal risks are evaluated with a rigorous understanding of their potential financial impact.

Krause's background as a Certified Public Accountant and his extensive experience at public companies make him exceptionally well-suited for these roles. His appointment reinforces the board's commitment to robust oversight in areas that are fundamental to investor confidence and long-term sustainability. In an industry where safety, compliance, and public trust are paramount, strengthening the committees responsible for financial integrity and risk management is a clear signal of proactive governance.

This board refreshment aligns with broader trends across the corporate landscape, where boards are increasingly seeking specialized expertise to address a complex array of challenges, from geopolitical uncertainty to intense regulatory pressure. By bringing in a financial strategist like Krause, Sotera Health is not only preparing for its next phase of growth but is also fortifying its defenses against the inherent risks of operating in the mission-critical field of global health.