Performance Food Group is shrinking its board and changing its leadership structure in a move that will leave it with 10 directors after its 2026 annual meeting, down from 14 today.
Matthew C. Flanigan will become lead independent director after the annual meeting, replacing Manuel A. Fernandez, who has held the role since 2019. Flanigan currently chairs the board’s audit and finance committee.
Four directors are set to leave the board at the annual meeting: Fernandez, William F. Dawson Jr., Laura Flanagan and Scott D. Ferguson. Of the 10 directors remaining after the reduction, eight will be independent.
The company also said George L. Holm, currently executive chair, will shift to non-executive chair effective Jan. 1, 2027.
Holm pointed to the departures of Fernandez and Dawson as marking the end of long tenures that helped guide the company through its transformation from an IPO to a Fortune 100 company. Laura Flanagan joined the board after the Core-Mark acquisition, while Ferguson brought investor perspectives during his tenure.
Flanigan said he is taking over as lead independent director at a time when the board is focused on ongoing refreshment and on executing a strategy centered on margin expansion, disciplined capital allocation and organic sales growth. Following these announcements, the company's shares moved 0.3%, and are now trading at a price of $103.655. If you want to know more, read the company's complete 8-K report here.
