Performance Food Group appoints activist investor to board

Performance Food Group Company (NYSE: PFGC) appointed Scott Ferguson, founder and managing partner of Sachem Head Capital Management, to its board of directors effective immediately, according to a company statement.

Ferguson's appointment increases the board to 13 directors, 12 of whom are independent. He will serve on the Audit and Finance Committee.

The appointment follows the signing of a cooperation agreement between Performance Food Group and Sachem Head. Under the agreement, Sachem Head agreed to standstill, voting and confidentiality commitments. Details of the agreement will be filed on Form 8-K with the Securities and Exchange Commission.

"Scott's appointment reflects a shared commitment to PFG's continued success and to enhancing stockholder value," said Manuel Fernandez, lead independent director of the board.

Ferguson previously spent nine years at Pershing Square Capital Management and holds an MBA from Harvard Business School. He currently serves on the boards of Henry Street Settlement and Robin Hood Foundation, and has served on the supervisory board of Delivery Hero SE since June 2024. His previous board positions include Elanco Animal Health, Olin Corporation, Autodesk and US Foods Holding Corp.

Performance Food Group is a food and foodservice distribution company with more than 150 locations across North America. The Richmond, Virginia-based company serves over 300,000 locations including restaurants, schools, healthcare facilities and retailers.

BofA Securities and JP Morgan served as financial advisors to Performance Food Group, while Skadden, Arps, Slate, Meagher & Flom served as legal advisor. White & Case and Longacre Square Partners advised Sachem Head.

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