US Foods will open a new Chef’Store in Spartanburg, South Carolina. The new outlet for US Foods cash-and-carry chain becomes the fourth store in the state. Three existing South Carolina stores are located in Charleston, Myrtle Beach and Columbia.
Activist investment firm strikes deal to install three directors, remove CEO Pietro Satriano
US Foods announced that Pietro Satriano has stepped down as CEO upon the request of the Board of Directors, as per a cooperation agreement with Sachem Head Capital Management. Satriano will not be standing for re-election to the board, either, and is leaving the company. This is the latest chapter in the months-long proxy fight between US Foods and Sachem Head, its largest investor, which took an activist position. At one time, Sachem Capital had attempted to install its own CEO.
Winsight readies show, taking place May 21-24 at its home in McCormick Place
The National Restaurant Association’s Restaurant, Hotel-Motel Show 2022 will take place May 21-24, 2022 at McCormick Place in Chicago. The show host, Winsight Exhibitions, is readying a national foodservice event with more than 500 new exhibitors creating a total of 1,000 exhibitors.
Patrick Hagerty promoted to PFG EVP, chief commercial officer
Performance Food Group (PFG) promoted Craig Hoskins to president and chief operating officer, charged with PFG’s Foodservice and Vistar operations. PFG also promoted Patrick Hagerty to the role of EVP and chief commercial officer. The expansion of their roles is part of a realignment of the company’s reporting structure. It will now better match PFG’s strategy for growth across business units, the broadline distributor announced.
Mammoth transaction adds 7,500 employees, 32 distributions centers, premium fresh-prepared foods
Performance Food Group (PFG) agreed to acquire Core-Mark, one of the top distributors in the convenience-store channel, with revenues of $17B and $211M in adjusted EBITDA. The transaction, valued at $2.5B, will be funded through cash and stock: PFG will offer $23.75 in cash and 0.44 PFG shares for each share of CORE to Core-Mark existing shareholders.
Mills spent 22 years at Richmond’s Altria Group
Performance Food Group named Claudia Mills vice president of Diversity and Inclusion. Mills, who comes from Altria Group, Inc., takes the post May 17, 2021. She has a record of results through transformation and has experience with promoting inclusion.
Pentallect suggests Walmart may be more immediate threat than Amazon
Foodservice distributors have turned some of their attention to the cash-and-carry model in the past few years, identifying their value to small, independent restaurant operators. As an example, US Foods acquired Smart Foodservice Warehouse Stores last April and is now rebranding these stores under its Chef’Store label. There’s a lot to be said about the appeal of retail-type outlets that cater to foodservice operators and provide the flexibility that they may want during on-and-off-again local and state restrictions.
US Foods will rebrand its Smart Foodservice Warehouse Stores as US Foods Chef’Stores. The rebrand of 72 Smart Foodservice Warehouse units, which US Foods, acquired last April, will consist of new signage, marketing collateral, employee uniforms and other key branding elements.
Warren M. Thompson will serve in Audit, Technology Committees
Performance Food Group (PFG) appointed Warren M. Thompson to the Board of Directors. He will serve as an independent director, expanding the PFG Board to a total of 11 directors. Thompson will join the PFG Audit and Technology Committees, effective immediately.
Hancock will report directly to US Foods CEO
US Foods hired Bill Hancock as the new EVP and chief supply chain officer. Hancock will be responsible for warehousing, transportation, and supply chain strategy and operations effective November 9, announced the company. He will also head up safety, labor relations and continuous improvement initiatives in the warehouses.