Performance Food Group Company (PFG) has recently appointed Scott Ferguson, the founder and managing partner of Sachem Head Capital Management LP, to its board of directors. This move reflects a shared commitment to PFG's continued success and enhancing stockholder value. With the appointment of Mr. Ferguson, PFG’s board will increase to 13 directors, 12 of whom are independent, and he 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 a customary standstill, voting, and confidentiality commitments, among other provisions. Details of the agreement will be filed on a form 8-K with the U.S. Securities and Exchange Commission.
PFG's financial advisors for this appointment are BofA Securities and JP Morgan, while Skadden, Arps, Slate, Meagher & Flom LLP is serving as the legal advisor to the company. White & Case LLP is serving as the legal advisor, and Longacre Square Partners is serving as the strategy and communications advisor to Sachem Head.
Performance Food Group is one of the largest food and foodservice distribution companies in North America, with more than 150 locations. Founded and headquartered in Richmond, Virginia, PFG and its family of companies market and deliver 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, big box retailers, theaters, and convenience stores. PFG’s success as a Fortune 100 company is achieved through its approximately 43,000 dedicated associates committed to building strong relationships with valued customers, suppliers, and communities it serves.
The press release does not provide specific financial metrics or changes since the last period. Today the company's shares have moved 0.79% to a price of $104.20. If you want to know more, read the company's complete 8-K report here.
