Sachem Head cuts director slate to five in US Foods boardroom battle -Breaking
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© Reuters. BOSTON (Reuters) – Sachem Head, an activist investment company, reduced its list of nominees for director at US Foods Holding Co (NYSE:) Co from seven to five. This is in contrast to earlier attempts to take over the board of this food distributor.
US Foods is the largest shareholder of the hedge fund with 8.7%. The announcement was made in regulatory filings less than two weeks after two independent directors were appointed by the company to convince investors that it’s following the correct strategy.
Sachem Head invested in US Foods from 2018 but did not reveal which directors were removed or who it hoped to replace with its candidates at the annual meeting.
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