Sysco Appoints New CEO To Accelerate 'Next Phase Of Development'

Global food service distribution company Sysco Corporation SYY announced Monday that President and CEO Tom Bene will step down as CEO as part of a strategy to accelerate the "next phase of development."

CEO Replaced With Former CVS Exec 

Bene will be replaced with Kevin Hourican, who most recently served as executive vice president of CVS Health Corp CVS and president of CVS Pharmacy.

The board of directors also elected lead independent director Ed Shirley as executive chair, replacing Bene. Brad Halverson will assume the position of lead independent director, effective immediately.

"The board believes Kevin's leadership and skillset align strongly with Sysco's strategic priorities in this next phase of accelerated growth," Larry Glasscock, chairman of Sysco's governance and nominating committee, said in the press release.

"Moreover, Ed's familiarity with the company and deep experience over decades running highly successful consumer businesses will ensure a smooth leadership transition."

Sysco's Board Makes Change In C-Suite

Sysco's board came to the conclusion that a leadership change is needed to accelerate recent momentum, fully capitalize on its scale advantages, and realize large operating improvements, according to a press release.

Hourican was selected given his expertise across sales, supply chain, logistics, operations and digital technologies.

Bene will step down at the end of January and serve as an executive advisor until the beginning of March to ensure a smooth and orderly transition, according to Sysco. 

Sysco Price Action

Sysco shares were down 1.09% at $82.80 at the time of publication. 

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