Sachem Head cuts director slate to five in US Foods boardroom battle

2022.04.12 00:26

BOSTON (Reuters) – Activist investment firm Sachem Head on Monday cut its slate of director nominees at US Foods Holding (NYSE:USFD) Co to five from seven, backing away from earlier plans to try and take control of the food distributor’s board.

The hedge fund, US Foods’ biggest shareholder with an 8.7% stake, announced the move in a regulatory filing less than two weeks after the company appointed two new independent directors to persuade investors it is pursuing the right strategy.

Sachem Head, which has been invested in US Foods since 2018, did not say which director nominees have been cut or which US Foods board members it hopes to replace with its own candidates at the annual meeting.

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