In a planned transition of executive responsibilities, Performance Food Group (Nasdaq/NM:PFGC) Friday (10 August) announced that C. Michael Gray, 51, is assuming the responsibilities of president and chief executive officer effective immediately. Gray has served as president and chief operating officer since 1995 and as a director since 1992. Robert C. Sledd, 48, has served as chief executive officer since 1987 and will continue to serve as chairman, a position he has held since 1995.
Robert C. Sledd, remarked, “We believe this is an appropriate time to shift these responsibilities to Michael. He has demonstrated effective leadership in guiding our operations during a time in which we have realized strong internal gains and executed a very ambitious — and successful — acquisition program. Adding new operations has increased the challenge of developing a cohesive operating strategy, and Michael has done an outstanding job as reflected in the 22% compound growth we have achieved in net earnings over the past five years. My position as an active Chairman will include direct involvement in the assimilation of Fresh Express, our most recent and largest acquisition that we expect to complete in the third quarter of 2001. This transaction firmly establishes Performance Food Group as the leader in one of the fastest growing categories of the entire food industry, and we want to make sure that we capitalize fully on the potential this market position offers to augment our future expansion.”
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Gray served as President of Pocahontas Foods, USA, Inc., a wholly owned subsidiary of Performance Food Group, from 1981 to 1995. He had been employed by Pocahontas since 1975, serving as marketing manager and vice president of marketing.
Sledd served as president, chief executive officer and a director of Taylor & Sledd Industries, Inc., a predecessor to the Company, prior to becoming president of Performance Food Group. He serves as a director of SCP Pool Corporation, one of the nation’s leading suppliers of swimming pool supplies and related products.
Performance Food Group markets and distributes more than 31,000 national and private label food and food-related products to approximately 27,000 restaurants, hotels, cafeterias, schools, healthcare facilities and other institutions. For more information on Performance Food Group, visit www.pfgc.com.
Certain statements in this news release consist of forward-looking statements that involve risks and uncertainties, including, but not limited to, the economic sensitivity of the foodservice business, the reliance on major customers, the ability to identify and successfully complete acquisitions of other foodservice distributors and management of the Company’s planned growth as detailed from time to time in the reports filed by the Company with the Securities and Exchange Commission.
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