Sysco Corporation (“Sysco”) is the North American leader in selling, marketing and distributing food products, equipment and supplies for the foodservice and hospitality industries.
Trian was attracted to Sysco due to the company’s stable growth, scale relative to peers, well-established and trusted brand, and high cash flow generation. Trian believed there was a meaningful opportunity at Sysco to improve operating margins, enhance working capital efficiency, implement a more efficient capital structure and better align compensation with corporate objectives and company performance.
On August 14, 2015, Trian announced its investment in Sysco. On August 20, 2015, Trian partners Nelson Peltz and Josh Frank joined Sysco’s Board of Directors.
On July 17, 2017, Sysco announced that Tom Bene would become CEO effective January 1, 2018, and will also join Sysco’s Board.
On January 13, 2020, Sysco announced that Chairman and Chief Executive Officer Tom Bené will be stepping down from his roles with the Company as of January 31, 2020 and will be replaced as Chief Executive Officer by Kevin Hourican (former President of CVS Pharmacy and Executive Vice President of CVS Health) as of February 1, 2020. The Company also announced that Independent Lead Director Ed Shirley has been elected Executive Chair of the board and that Brad Halverson has been elected as the new lead independent director. Trian believes that Ed Shirley, working closely with Kevin Hourican, will help ensure a smooth and successful transition to Sysco’s next phase of development and provide great input on key strategic priorities. Trian also looks forward to continuing to help make Sysco a more efficient and forward-looking food service distributor in the United States.