Sysco Appoints Nelson Peltz and Josh Frank of Trian Partners to its Board of Directors

Sysco Appoints Nelson Peltz and Josh Frank of Trian Partners to its Board of Directors

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HOUSTON, TX - Sysco has appointed Nelson Peltz and Josh Frank of Trian Partners to its Board of Directors, just one week after the investment firm became the largest individual shareholder in the food distributor.

Nelson Peltz, Founding Partner and CEO, Trian PartnersThere are big expectations for the hedge fund billionaire, most of which have to do with how he plans to improve operating margins for the company in the wake of its failed merger with US Foods. Prior to his appointment to the Board, Trian held brief discussions with Bill DeLaney, Sysco’s Chief Executive, and Chairman Jackie L. Ward to find ways to return cash to shareholders, better align compensation with the company’s performance, and enhance the company’s value.

“Sysco is a leader in its business, and we believe it is undervalued and has tremendous long-term potential,” Peltz said in a press release. “As Sysco’s largest shareholder with an approximate 7.1 percent ownership position, we welcome the opportunity to work consecutively with the Board and management.”

Last week, Sysco shares surged by approximately 8 percent after news broke of Trian’s $1.6 billion stake in the company.

Sysco Headquarters in Houston, Texas

The new appointments will increase the board size to 12 members, 10 of whom are independent.

Josh Frank, Partner, Trian PartnersPeltz has previously served as a Director in a number of food businesses, including Wendy’s, Mondelez International, and H.J. Heinz Company. Frank has played a leading role in many of Trian’s investments in the consumer sector, as well as numerous investments across other industries. 

Jackie L. Ward, Non-Executive Chairman, Sysco“Nelson and Josh will bring our Board an informed perspective based on their significant experience in the food products industry,” said Ward. “We have engaged in constructive dialogue with Nelson and Josh and look forward to benefiting from their insights and contributions.”

Bill DeLaney, CEO, SyscoDeLaney added that he respects Trian’s experience and values the perspective they bring as the company continues to build on its momentum to enhance long-term shareholder value.

Sysco plans to repurchase an incremental $3 billion in Sysco shares over the next two years, and expects to share further details regarding its strategic initiatives during its Investor Day on September 15.

Stay tuned to AndNowUKnow as we continue to share any further developments.

Sysco Trian Partners

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Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and…