Sysco Corp. (SYY) Announces Resignations of Nelson Peltz and Joshua D. Frank from Board

Sysco Corporation (NYSE: SYY), the leading global foodservice distribution company, today announced that Nelson Peltz, chief executive officer and a founding partner, and Joshua D. Frank, partner and co-head of research, of Trian Fund Management, L.P. (“Trian”), have informed the Company that they are stepping down from the Board. Peltz and Frank indicated that the decision to step down was driven by their confidence in Sysco’s leadership, business transformation and continued operating momentum. Peltz and Frank have served on the Board since August 2015 and have made significant contributions to the Company’s business strategies and transformation.

“Nelson and Josh have been great partners and important contributors and we thank them for their Board service,” said Kevin Hourican, Sysco’s president and chief executive officer. “We have valued their guidance and feedback on our business transformation strategy, and we look forward to the continued dialogue with Trian as an ongoing Sysco shareholder.”

“We believe that Sysco is very well positioned for the future under CEO Kevin Hourican’s leadership,” said Peltz. “We are confident that the plans announced at the May 2021 investor day to accelerate growth through five key strategic pillars – digital, products & solutions, supply chain, customer teams and future horizons – funded by $750 million of cost reduction, are the right ones to expand Sysco’s competitive advantages and fuel sustained growth. As a large shareholder and strong believer in Sysco’s future, Trian looks forward to ongoing engagement with Kevin and his team.”

“Nelson and I would like to thank Kevin, Chairman Ed Shirley and all of our highly qualified colleagues on the Board of Directors over the past six years for their collective efforts on behalf of all Sysco stakeholders,” said Frank. “We believe the company is in a strong position for continued success.”

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