Activist investor Scott Ferguson joins Performance Food Group’s board, pushing for potential merger with US Foods Holding. Sysco, the industry leader, holds 17% market share. Performance Food’s board expands to 13 members, with Ferguson joining the Audit and Finance Committee to discuss M&A transactions and strategic alternatives.

Ferguson’s Sachem Head Capital Management previously held a stake in US Foods but now focuses on Performance Food. Ferguson, who served on US Foods’ board from 2022 to 2024, nominated four directors to Performance Food’s board to explore merger possibilities or margin improvement strategies.

Performance Food’s stance on a potential deal with US Foods seems to have shifted after consulting with large shareholders. A “clean team agreement” signed with US Foods could indicate progress towards a deal. Ferguson, known for his board service on public companies like Olin and Autodesk, is seen as a thoughtful and helpful director.

Read more at Yahoo Finance: Performance Food settles with Sachem Head, hands seat to Ferguson