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US Foods appoints two new directors amid activist pressure -Breaking

by Mike Robinson

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© Reuters. A US Foods delivery vehicle is seen in San Diego, California on September 1, 2015. REUTERS/Mike Blake

(Reuters) – Food distributor US Foods Holding Corp (NYSE:) has named two independent directors in response to activist investor Sachem Head Capital Management’s call for a restructuring of its board. This comes ahead of the annual shareholders meeting.

Marla Gottschalk is a Reynolds Consumer Products and Big Lots board member. Quentin Roach executive at Mondelez International was also appointed by the company.

Reuters reports that US Foods had tried to restructure its 10-member board this month to get investors backing its directors. Sachem Head, who last month appointed seven nominees to the Board, reported on Reuters.

Sachem Head has 8.7% of US Foods. They did not respond immediately to our request for comment.

US Foods Board is under threat from the hedge fund. The firm argues that US Foods’ performance is below its peers.

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