YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
US Foods Holding Corp. announced CEO Pietro Satriano would resign amid a fight with New York hedge fund Sachem Head Capital Management.
Sachem Head, which owns nearly 9% of the US Foods' shares, in April wrote a letter to shareholders noting the company's "disappointing performance," "lack of investor conviction in the company’s ability to achieve its long-term objectives," and that "the company’s total shareholder return has materially underperformed all of its peers and the market as a whole."
Andrew Iacobucci, the company's chief commercial officer, is taking over as interim CEO.
Read more from the Chicago Business Journal.
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