Performance Food Group Company (PFG) has announced the appointment of Scott Ferguson, the founder and managing partner of Sachem Head Capital Management LP, to its board of directors. With this addition, PFG's board will increase to 13 directors, 12 of whom are independent, and Mr. Ferguson will be appointed to the audit and finance committee.
In connection with this appointment, PFG has entered into a cooperation agreement with Sachem Head and certain affiliates, which includes standstill, voting, and confidentiality commitments, among other provisions.
PFG's financial advisors for this transaction are BofA Securities and JP Morgan, while Skadden, Arps, Slate, Meagher & Flom LLP is serving as the company's legal advisor. On the other hand, White & Case LLP is serving as the legal advisor, and Longacre Square Partners is serving as the strategy and communications advisor to Sachem Head.
Scott Ferguson, the newly appointed board member, is the managing partner and portfolio manager of Sachem Head Capital Management, a value-oriented investment management firm based in New York. He has an extensive background in the investment and private equity sectors, having previously worked at Pershing Square Capital Management and American Industrial Partners.
Performance Food Group is an industry leader and one of the largest food and foodservice distribution companies in North America, with more than 150 locations. The company markets and delivers quality food and related products to over 300,000 locations, including independent and chain restaurants, businesses, schools, healthcare facilities, vending and office coffee service distributors, and big box retailers, among others.
As of the most recent information available, PFG has approximately 43,000 dedicated associates committed to building strong relationships with valued customers, suppliers, and communities. Today the company's shares have moved 1.09% to a price of $104.51. If you want to know more, read the company's complete 8-K report here.
