ROSEMONT, ILL. — In the wake of a terminated merger agreement, US Foods has announced a new leader. Pietro Satriano, chief merchandising officer, will become president and chief executive officer of the company, effective July 13. He succeeds John Lederer, who will assume an advisory role to US Foods and its board of directors.
The announcement comes less than two weeks after the termination of Houston-based Sysco Corp.’s agreement to acquire US Foods for approximately $8.2 billion. At the end of June, Sysco ended the effort after the U.S. District Court for the District of Columbia granted a Federal Trade Commission request for a temporary injunction to block the merger.
|Pietro Satriano, the new president and c.e.o. of US Foods.|
Before joining US Foods in 2011, Mr. Satriano was president of LoyaltyOne Canada, the company behind AirMiles, which is Canada’s largest consumer loyalty rewards program. He also was executive vice-president of Loblaw Brands at Loblaw Companies.
“Pietro is a proven leader whose business experience and strategic vision will be perfect for this next phase of US Foods’ evolution,” said Ed Liddy, chairman of the US Foods’ board of directors. “We want to thank John for guiding the company through its incredible transformation over the past five years. His passion and dedication have been the driving force in setting the company on its path of becoming a truly great American food company that is perfectly positioned for growth.”
With approximately $22 billion in annual revenue, Rosemont-based US Foods offers more than 350,000 products and employs 25,000 people in more than 60 locations nationwide.Said Mr. Lederer of his departure: “It has been a remarkable ride at US Foods, and I’m grateful to have led such a talented group of employees. I can say without a doubt that Pietro is absolutely the right person to take this company forward.”