New York – October 15, 2026 -- The Ad Hoc Group of Term Lenders to Leslie's, Inc. intends to appoint Steven L. Ortega as chief executive officer of the pool and spa care retailer once it emerges from chapter 11 proceedings.
Leslie's describes itself as the largest direct-to-consumer brand in the U.S. pool and spa care industry. Ortega will advise the lender group and sit on a transformation committee for the duration of the bankruptcy case. The committee will advise on strategy and turnaround priorities.
Ortega returns after nearly two decades of senior roles at Leslie's
Ortega previously worked at Leslie's for almost 20 years. He served as chief financial officer, chief operating officer, president and CEO, and later as chairman of the board of directors.
A spokesperson for the lender group said his understanding of Leslie's residential and professional customers and its vendor partnerships, combined with broader retail and omnichannel experience, made him the right choice. The group said the restructuring should give the company the financial strength and operating flexibility to invest in its people and strengthen the store experience.
Ortega said he plans to work with associates, management and vendor partners to strengthen the operating foundation and position Leslie's for "sustainable, profitable growth."
Five institutional investors make up the ad hoc lender group
The group's members 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.
The announcement does not give a timeline for emergence from chapter 11 or terms of the restructuring.