Performance Food settles with Sachem Head, hands seat to Ferguson

Written by Svea Herbst-Bayllis

The company said on Tuesday that the Nasur investor, Scott Ferguson, joins the Board of Directors of the Food Performance Group, at a time when the hedge fund urges the food distributor to think about integration with the United States’ competition.

Less than five weeks ago, Sachem Head Capital Management from Ferguson nominated four directors of the directors to the Performance Board. Last week, US food and food performance signed an agreement to exchange sensitive financial information without violating anti -monopoly laws.

If the performance is merged with American foods, the two companies can compete with SYSCO, which has 17 % of the market share.

The FerFort Food board will grow by one to 13 members and Ferguson will join the Audit and Financial Committee. In an organizational file, the company said that this is the place where “all proposed merger and purchase transactions and other strategic alternatives are discussed.”

The company added in the deposit that Ferguson will also become a member of any committee that might be created “to assess possible strategic alternatives or any other unusual treatment.”

“This result is the result of constructive participation with Scott and his team and clarifies the openness of the board of directors to new views,” George Holm, CEO of Performance Food said in a statement. “I look forward to working alongside Scott and the rest of the Board of Directors while we continue to develop our business to pay the value of the shareholders.”

Holm told the analysts in August that there was no basis for interacting with American foods about a possible association.

The Sachem Head, whose current site is designed in Ferformance Food, is good knowledge of food distribution work. She had previously had a class in the United States of Food, but she got out of this position.

From 2022 to 2024, Ferguson was served on American food, after settling with the company after fighting the magazine room. At the end of last month, Ferguson nominated four managers to the FerFort Food board, indicating that the company should consider a possible association with American foods or find other ways to improve margins.

Lawyers and bankers said that after consulting with other senior shareholders, it seems that the Performance Food mood in a potential deal may turn. They added that the so -called “clean team agreement” signed last week can be considered a possible step for a deal.

Lawyers are aware of the service of the Board of Directors, Ferguson has worked in many public companies’ boards, including Olin, ENACO and Autodesk, and is generally considered a deliberate and useful manager.