Performance Food Group appoints Sachem Head founder to board

RICHMOND, Va. - Performance Food Group Company (NYSE:PFGC), whose stock has delivered an impressive 34.68% return over the past six months and maintains a market capitalization of $16.36 billion, has appointed Scott Ferguson, Founder and Managing Partner of Sachem Head Capital Management LP, to its Board of Directors, effective immediately.

The appointment comes as part of a cooperation agreement between PFG and Sachem Head, according to a company press release. With Ferguson’s addition, PFG’s board will expand to 13 directors, with 12 being independent. Ferguson will serve on the Audit and Finance Committee.

Manuel Fernandez, Lead Independent Director of PFG, said Ferguson brings "important investor perspective as well as food distribution industry and corporate governance experience" as the company evaluates potential paths forward with US Foods.

Ferguson previously served on the board of US Foods Holding Corp. and currently serves on the Supervisory Board of Delivery Hero SE, a global food delivery company. He spent nine years at Pershing Square Capital Management before founding Sachem Head.

"We appreciate the positive dialogue we have had with PFG’s Board and management," Ferguson said. "I look forward to serving on the Board and helping to identify the best value-enhancing path forward for all shareholders."

As part of the agreement, Sachem Head has agreed to customary standstill, voting and confidentiality commitments. BofA Securities and JP Morgan are serving as financial advisors to PFG, while Skadden, Arps, Slate, Meagher & Flom LLP is acting as legal advisor.

Performance Food Group is one of North America’s largest food and foodservice distribution companies, serving over 300,000 locations from more than 150 distribution centers. The Fortune 100 company employs approximately 43,000 associates and maintains strong financial health with a current ratio of 1.58. According to InvestingPro analysis, the company is currently trading at a high earnings multiple with a P/E ratio of 47.76, suggesting investors are pricing in significant growth expectations.For detailed insights into PFGC’s valuation and growth prospects, including 12 additional ProTips and comprehensive financial metrics, explore the full Pro Research Report available on InvestingPro.

In other recent news, Performance Food Group’s fourth-quarter fiscal 2025 results have garnered attention, with sales and adjusted EBITDA figures surpassing consensus expectations. Following these strong results, Truist Securities raised its price target for the company to $118 while maintaining a Buy rating. Similarly, Wells Fargo increased its price target to $115, also maintaining an Overweight rating due to the company’s robust earnings performance. Guggenheim echoed this sentiment by raising its price target to $115, citing a strong fourth-quarter performance and a positive outlook for 2026.

Additionally, Guggenheim noted that Performance Food Group has opted to remain independent, declining a merger interest from US Foods. Piper Sandler also upgraded the company’s stock rating to Overweight, highlighting the company’s strategic execution and long-term financial goals. This upgrade reflects Piper Sandler’s favorable view of the company’s risk-reward profile. These developments indicate a positive trajectory for Performance Food Group, as noted by various analyst firms.

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