US Foods Announces CEO Change, 1Q Results

Pietro Satriano is stepping down as US Foods CEO, while first-quarter net sales increase 23.9% to $7.8 billion.
US Foods truck

Rosemont, Illinois-based distributor US Foods Holding Corp. (NYSE: USFD) said CEO Pietro Satriano will leave the company and will not stand for re-election as director at the upcoming 2022 annual meeting of shareholders.

Robert M. Dutkowsky has been appointed executive chair and Andrew Iacobucci has been appointed interim CEO, US Foods said. Dutkowsky currently serves as non-executive chairman of the board and Iacobucci currently serves as chief commercial officer. The US Foods Board of Directors has formed a five-member search committee to find a new CEO.

US Foods also announced its 2022 fiscal first-quarter results. 1Q net sales increased 23.9% over last year to $7.8 billion, while total case volume increased 4.1% versus the same period in fiscal year 2021.

Gross profit increased 19.1% to $1.2 billion in 1Q 2022, and adjusted EBITDA increased 40.1% to $241 million, the company said.

“Our results this quarter are a promising affirmation of our progress in implementing our long-range plan to profitably grow market share, further optimize gross margins and improve operational efficiencies,” said Dutkowsky. “The significant changes we made during the pandemic to bolster our team, enhance our operating model and evolve how we deliver for our customers are enhancing our ability to deliver stronger results and I look forward to working with the leadership team to drive value for our shareholders.”

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