US Foods CEO Steps Down, Changes Made to Board

Foodservice distributor US Foods Holding Corp. CEO Pietro Satriano told shareholders he is leaving the company.

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

“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. As we navigate this transition, US Foods remains well positioned to capitalize on the opportunities ahead to generate significant value for our shareholders.”

“Since joining the Company in 2017, Andrew has been a proven leader,” Dutkowsky ssaid. “As our Chief Commercial Officer with in-depth knowledge of our customers, he has been actively involved in our ongoing efforts to profitably drive market share and optimize gross margins – two key pillars of our balanced long-range plan. The Board is grateful that Andrew has agreed to step into the Interim CEO role and is confident he is the right person to lead us through this transition. I look forward to working closely with him and the rest of our exceptional management team as we continue to execute our strategy.”

Though an agreement with Sachem Head, the board’s nominating and corporate governance committee appointed James J. Barber Jr., Scott D. Ferguson and David A. Toy as new independent directors, effective May 18. Ferguson and Toy will join the CEO search committee.

Following the 2022 annual meeting of shareholders on May 18, the US Foods Board will be comprised of 13 directors, all of whom will be independent. This includes the additions of Barber, Ferguson and Toy, and the departure of John A. Lederer, who has informed the Company that he is not standing for re-election.

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