US Foods under new leadership

ROSEMONT - Pietro Satriano has stepped down as CEO of US Foods Holding Corp., one of the largest food service distributors in the U.S., and will not stand for reelection as director at the upcoming annual meeting of shareholders, the company said.

The company also announced changes to management in connection with a cooperation agreement with one of its investors, Sachem Head Capital Management LP.

Robert M. Dutkowsky has been appointed board executive chair and Andrew Iacobucci has been appointed interim chief executive officer. Dutkowsky currently serves as non-executive chairman of the board and Iacobucci currently serves as chief commercial officer. To identify a permanent CEO, the board has formed a five-member search committee.

Pursuant to the cooperation agreement with Sachem Head, the Board's Nominating and Corporate Governance Committee has appointed James J. Barber, Jr., Scott D. Ferguson and David A. Toy as new independent directors, effective May 18,

"After careful consideration, the board determined that it is time for a change in leadership at US Foods," Dutkowsky said. "On behalf of the entire board, I want to thank Pietro for his dedication and leadership to US Foods over the last 11 years and for guiding the company through the pandemic."