Bill DeLaney to Become Chief Executive Officer
Ken Spitler Named Vice-Chairman of the Board
HOUSTON, Jan. 20, 2009 (GLOBE NEWSWIRE) -- Sysco Corporation (NYSE:SYY) announced today that Richard J. Schnieders, Sysco's chairman and chief executive officer, has announced his plan to retire on June 27, 2009, which is the end of Sysco's 2009 fiscal year. To facilitate a smooth transition of leadership, Schnieders will continue as chairman of the board subsequent to stepping down as CEO on March 31, 2009.
Sysco's board has named two highly experienced members of the current executive management team to lead the company going forward. Bill DeLaney, Sysco's executive vice president and chief financial officer, has been appointed chief executive officer effective March 31, 2009. Ken Spitler, Sysco's president and chief operating officer, has been promoted to vice chairman of the board of directors and will continue in his current responsibilities. Mr. Delaney will continue to act as Chief Financial Officer until his replacement is chosen. Both Mr. DeLaney and Mr. Spitler join the board effective immediately.
The Board is confident that the combination of DeLaney and Spitler has the proven leadership experience and in-depth understanding of Sysco to continue its market leadership position in the evolving foodservice industry.
Schnieders said, "I made this personal decision to retire after a great deal of thought and reflection. As my wife Beth and I look forward to the next phase of our lives, we are dedicated to pursuing our interests in sustainability and battling childhood hunger.
"I am grateful to the thousands of Sysco associates whom I've had the honor to serve with over the past 27 years. Looking forward, I am confident that Sysco is well positioned to build upon its leadership role in the foodservice industry under Bill's and Ken's stewardship."
DeLaney commented, "I am most appreciative and excited about the opportunity to assume greater leadership responsibilities at Sysco. Like many businesses competing in today's economic environment, we are faced with unprecedented market challenges. While the duration of the current business climate is not clear, some of those same challenges will provide significant long-term opportunity for Sysco. Moving forward, we remain confident in our ability to meet the expectations of shareholders, customers and suppliers through the leadership of our experienced management team, the efforts of our talented associates, and the strength of our financial position.
"It is particularly gratifying for me to have the opportunity to work even more closely with Ken in my new role. Ken Spitler is highly respected and admired by associates at all levels throughout our company - both for his contributions to Sysco's past success as well as his commitment to our future profitable growth."
Spitler added, "I am optimistic about Sysco's future prospects and remain focused on further strengthening the company's foundation for long-term success. I look forward to working with Bill and supporting the development of our entire management team. All of us at Sysco are committed to enhancing shareholder value and helping our customers succeed in the years to come."
Mr. DeLaney, 53, began his Sysco career in 1987 as assistant treasurer at the company's corporate headquarters. He was promoted to treasurer in 1991, and in 1993 he was named a vice president of the company, continuing in those responsibilities until 1994. Mr. DeLaney joined Sysco Food Services of Syracuse in 1996 as chief financial officer, progressed to senior vice president in 1998 and executive vice president in 2002. In 2004, Mr. DeLaney was appointed president and chief executive officer of Sysco Food Services of Charlotte. He returned to the corporate headquarters in 2007 and has served in his current position since July of that year. Mr. DeLaney earned a bachelor of business administration degree in 1977 from the University of Notre Dame, and in 1982 he received his master of business administration degree from the Wharton Graduate Division of the University of Pennsylvania.
Mr. Spitler, 59, joined Sysco in 1986 and has held a variety of executive positions with the company including serving as president and chief executive officer of the company's Detroit and Houston operating companies. In 2000, he was named senior vice president, operations for the Northeast Region, with responsibility for 14 Sysco operating companies in eight states. Mr. Spitler relocated to Sysco's corporate headquarters in 2002 when he was promoted to executive vice president, redistribution and foodservice operations with responsibility for nationwide broadline operations and the development of redistribution facilities. In January, 2005, he was promoted to executive vice president and president of North American foodservice operations. He was promoted to his current position in February, 2007. He graduated in 1974 from the University of Tulsa with a degree in Philosophy.
Mr. Schnieders, 60, joined Sysco Memphis in 1982. While there, he progressed to a variety of managerial and executive positions including director of supplies and equipment, vice president of merchandising and executive vice president. In 1989 Mr. Schnieders was named president and chief executive officer of Sysco Memphis and subsequently was appointed chairman of that operation. In 1992, Mr. Schnieders was moved to the Houston headquarters as the senior vice president of merchandising services. In 1997 he was promoted to senior vice president, merchandising and multi-unit sales. Mr. Schnieders was appointed executive vice president, foodservice operations in January 1999. In January of 2000 he assumed the added duties of chief operating officer, and in July 2000 he was named president and COO of Sysco. In January 2003 Mr. Schnieders was named the fifth chairman and chief executive officer in Sysco's history. He graduated in 1970 from the University of Iowa with a bachelor of arts degree in mathematics.
About Sysco
Sysco is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. The company operates 180 distribution facilities serving more than 400,000 customers. For the fiscal year 2008 that ended June 28, 2008, the company generated more than $37 billion in sales. For more information about Sysco visit the company's Internet home page at www.sysco.com.
The Sysco Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=747
Forward-Looking Statements
Certain statements made herein are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They include statements regarding the company's ability to meet expectations, to continue its market leadership position, and to build upon its leadership role in the foodservice industry, expectations regarding the long-term opportunities provided by current market challenges, and the company's ability to grow profitably and enhance shareholder value. These statements involve risks and uncertainties and are based on management's current expectations and estimates; actual results may differ materially. Those risks and uncertainties that could impact these statements include risks that pertain to Sysco's business, including the risks relating to the foodservice distribution industry's relatively low profit margins and sensitivity to general economic conditions, including the current economic environment and decreases in consumer spending; increased fuel costs; Sysco's leverage and debt risks, including the risk that lenders may choose not to or may be unable to lend funds on acceptable terms or at all; the risk of interruption of supplies due to lack of long-term contracts, severe weather, work stoppages or otherwise; competitive conditions; and internal factors such as the ability to control expenses. Shareholder value may also be impacted by external events, including general economic conditions and market volatility. For a discussion of additional factors that could cause actual results to differ from those described in the forward-looking statements, see the Company's Annual Report on Form 10-K for the year ended June 28, 2008 as filed with the Securities and Exchange Commission.