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Leslie's to Bring Back Steven L. Ortega as CEO After Bankruptcy Exit

Cierra Seay
Published Oct 15, 2026
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Summary:
  • A lenders' release says Leslie's plans to name Steven L. Ortega chief executive once it exits Chapter 11.
  • The Phoenix-based pool supplier filed last month with a plan to reduce about 90% of its debt and shift control to creditors.
  • At filing, the company said it aims to exit in early 2027, continue operating, and close 76 stores while reviewing its real estate.

Ortega's Comeback Plan

Leslie's Inc. intends to return Steven L. Ortega to the CEO role upon exiting Chapter 11, per a statement issued by a coalition of the company's term-loan lenders. Ortega is well known at the company, with nearly two decades of service, and earlier held the posts of chairman, CFO, COO, and president. During the restructuring, he will also advise the company's creditors.

Who's Backing the Restructuring

The announcing creditor cohort features vehicles overseen by Grey Helm Capital, Axar Capital Management, Contrarian Capital Management, Cerberus Capital Management and EdgePoint Investment Group. Leslie's sought Chapter 11 protection last month amid mounting industry pressures, proposing to trim roughly 90% of its debt and transfer control to its creditors.

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What Changes for Stores and Shoppers

When it filed, Leslie's stated it expects to come out of bankruptcy in early 2027 and to continue operating as usual throughout the proceedings. It also announced 76 store closures and said it would continue evaluating its real estate portfolio. For customers, the company's message is business as usual while it restructures and streamlines.

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