- Six days after Nelson Peltz's Trian Fund Management disclosed a 7% stake in Sysco (NYSE:SYY), the company announces Peltz is joining the board, as is fellow Trian partner Josh Frank. The food distributor's board now has 12 members (10 independent).
- CEO Bill DeLaney: "We respect Trian's experience and value the perspective they will bring ... As we previously announced, we plan to repurchase an incremental $3 billion in Sysco shares over the next two years and we will continue to further evaluate opportunities to optimize our capital structure, while improving productivity across our business. We look forward to providing additional details .. during our Investor Day on Sept. 15, 2015."
- Shares +0.7% after hours to $40.85. They jumped last Friday after news of Trian's stake first emerged.