GlobeNewswire Inc | Aug 20, 2021 05:00PM EDT

August 20, 2021

Nelson Peltz and Josh Frank to Step Down from the Board

Trian Expresses Confidence in Leadership, Business Transformation and Continued Operating Momentum

HOUSTON, Aug. 20, 2021 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE: SYY), the leading global foodservice distribution company, today announced that Nelson Peltz, chief executive officer and a founding partner, and Joshua D. Frank, partner and co-head of research, of Trian Fund Management, L.P. (Trian), have informed the Company that they are stepping down from the Board. Peltz and Frank indicated that the decision to step down was driven by their confidence in Syscos leadership, business transformation and continued operating momentum. Peltz and Frank have served on the Board since August 2015 and have made significant contributions to the Companys business strategies and transformation.

Nelson and Josh have been great partners and important contributors and we thank them for their Board service, said Kevin Hourican, Syscos president and chief executive officer. We have valued their guidance and feedback on our business transformation strategy, and we look forward to the continued dialogue with Trian as an ongoing Sysco shareholder.

We believe that Sysco is very well positioned for the future under CEO Kevin Houricans leadership, said Peltz. We are confident that the plans announced at the May 2021 investor day to accelerate growth through five key strategic pillars digital, products & solutions, supply chain, customer teams and future horizons funded by $750 million of cost reduction, are the right ones to expand Syscos competitive advantages and fuel sustained growth. As a large shareholder and strong believer in Syscos future, Trian looks forward to ongoing engagement with Kevin and his team.

Nelson and I would like to thank Kevin, Chairman Ed Shirley and all of our highly qualified colleagues on the Board of Directors over the past six years for their collective efforts on behalf of all Sysco stakeholders, said Frank. We believe the company is in a strong position for continued success.

About SyscoSysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. With more than 58,000 associates, the company operates 343 distribution facilities worldwide and serves more than 650,000 customer locations. For fiscal 2021 that ended July 3, 2021, the company generated sales of more than $51 billion. Information about our CSR program, including Syscos 2020 Corporate Social Responsibility Report, can be found at sysco.com/csr2020report.

For more information, visitwww.sysco.com or connect with Sysco on Facebook atwww.facebook.com/SyscoFoods or Twitter at https://twitter.com/Sysco. For important news and information regarding Sysco, visit the Investor Relations section of the companys Internet home page atwww.investors.sysco.com which Sysco plans to use as a primary channel for publishing key information to its investors, some of which may contain material and previously non-public information. In addition, investors should continue to review our news releases and filings with the SEC. It is possible that the information we disclose through any of these channels of distribution could be deemed to be material information.

Investor Contact: Media contact:Neil Russell Shannon Mutschler281-584-1308 281-584-4059neil.russell@sysco.com shannon.mutschler@sysco.com