Sysco Corporation recently made a major change to its Board of Directors. The foodservice distributor announced Nelson Peltz, Chief Executive Officer and Founding Partner for Trian Fund Management, and Joshua D. Frank, Co-Head of Research and also a Partner for Trian, will be stepping down from the Board.
“We believe that Sysco is very well positioned for the future under CEO Kevin Hourican’s leadership,” said Peltz. “We are confident that the plans announced at the May 2021 investor day to accelerate growth through five key strategic pillars—digital, products and solutions, supply chain, customer teams, and future horizons—funded by $750 million of cost reduction, are the right ones to expand Sysco’s competitive advantages and fuel-sustained growth. As a large shareholder and strong believer in Sysco’s future, Trian looks forward to ongoing engagement with Kevin and his team.”
According to the release, Peltz and Frank have served on the Board since August 2015 and have made significant contributions to the company’s business strategies and transformation.
Frank also issued a comment regarding the recent appointment
“Nelson and I would like to thank Kevin, Chairman Ed Shirley, and all of our highly qualified colleagues on the Board of Directors over the past six years for their collective efforts on behalf of all Sysco stakeholders,” commented Frank on the decision. “We believe the company is in a strong position for continued success.”
Peltz and Frank indicated that the decision to step down was driven by their confidence in Sysco’s leadership, business transformation, and continued operating momentum.
“Nelson and Josh have been great partners and important contributors and we thank them for their Board service,” said Kevin Hourican, Sysco’s President and Chief Executive Officer. “We have valued their guidance and feedback on our business transformation strategy, and we look forward to the continued dialogue with Trian as an ongoing Sysco shareholder.”
Deli Market News will keep an eye on the wire for the latest developments and changes in the retail sector.