US food distributor Performance Food Group has announced that Robert C. Sledd, chairman of the company, has been elected chief executive officer.

Sledd, who served as Performance Food's chief executive officer from 1987 to 2001, is replacing C. Michael Gray, who has announced his resignation as chief executive and has also resigned from the board of directors.

"I am confident that our strategic direction is sound and that 2004 will result in another year of solid performance," Sledd said.

In February the company reported lower fourth-quarter earnings, as its operations were hit by higher raw product costs.