BARRETT BUSINESS SERVICES Business Summary

Barrett Business Services Inc (BBSI) operates as a leading Professional Employer Organization (PEO) and staffing provider, primarily generating revenue through service fees under a co-employment model. The company’s primary business segment, PEO services, accounts for over 90% of its gross billings by providing small and mid-sized businesses (SMBs) with an integrated platform for payroll administration, workers' compensation coverage, risk management, and employee benefits. A secondary segment provides on-demand and long-term staffing solutions. BBSI distinguishes itself in the market through a decentralized, "boutique" delivery model that utilizes local professional teams to provide high-touch management consulting, positioning it as a specialized alternative to larger, more automated competitors such as Paychex, Insperity, Robert Half, and ManpowerGroup. Originally traced to the Barrett family in 1951 and incorporated in 1965 by William W. Sherertz, the company is currently led by President and CEO Gary Kramer, who took the helm in 2020 after serving as CFO and previously spending 12 years at Chubb Limited. The executive team includes EVP and CFO Anthony Harris, a former PwC professional, and EVP and COO Gerald R. Blotz, who has overseen field operations since 2014. The board is chaired by Joseph S. Clabby, a veteran executive from Chubb and ACE Limited, and includes notable members such as Vincent P. Price (formerly of Intel and Cambia Health Solutions) and Thomas B. Cusick (formerly of Columbia Sportswear), reflecting a leadership pedigree deeply rooted in insurance, finance, and operational scaling.