Performance Food Group Co.
Performance Food Group Appoints Scott Ferguson to Board and Enters Cooperation Agreement with Sachem Head
Summary
On September 23, 2025, Performance Food Group Company (NYSE: PFGC) announced the appointment of Scott Ferguson, Founder and Managing Partner of Sachem Head Capital Management LP, to its Board of Directors, effective immediately. This follows the Company's entry into a Cooperation Agreement with Sachem Head, under which Sachem Head withdrew its nomination of candidates for the Board and its business proposal for the 2025 Annual Meeting. As part of the Agreement, the Board increased its size to 13 directors, appointed Mr. Ferguson to the Board and the Audit and Finance Committee, and agreed to include him on its slate of director nominees for the 2025 Annual Meeting, subject to conditions. Additionally, Mr. Ferguson submitted an irrevocable resignation letter to be effective upon specified conditions. The Cooperation Agreement includes voting commitments by Sachem Head, standstill provisions, and mutual non-disparagement clauses, and will remain in effect until the Standstill Termination Date.
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About Performance Food Group Co.
Performance Food Group Co. is a leading foodservice distribution company that supplies a vast array of food products, beverages, and related goods to a diverse array of customers across the United States. Its primary function is to deliver high-quality food supplies and logistics solutions to restaurants, healthcare facilities, cafeterias, and hospitality venues. With an extensive portfolio of top-tier brands and private label offerings, Performance Food Group Co. plays a crucial role in the supply chain of the foodservice industry. Key features of the company include its expansive distribution network, innovative technology to enhance supply chain efficiencies, and a strong focus on customer service. The company impacts sectors such as dining, catering, and institutional meal services, ensuring that clients receive timely and reliable product deliveries. Performance Food Group Co.'s market significance is underscored by its ability to adapt to consumer preferences and industry demands, making it a vital component of the food distribution landscape. The company's operations promote seamless transitions of food products from manufacturers to end-users, thus supporting the sustainability and growth of the foodservice market.
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