- Push-out Score determined
- After almost seven years in the position
- Praise and thanks for Satriano
- Andrew Iacobucci taking over temporarily
- Search for a successor
- Satriano kept it short and said 44 words
(exechange) — Rosemont, Illinois, May 10, 2022 — Pietro Satriano, chief executive of US Foods, leaves. As announced by US Foods Holding Corp. in a news release on Tuesday, May 10, 2022, Pietro Satriano leaves his post as chief executive officer at the foodservice distributor, after almost seven years in the role.
The exact date of Pietro Satriano’s departure from his post was not explicitly stated in the announcement.
US Foods will undertake a search for a successor.
Pietro Satriano’s duties as CEO will be taken over temporarily by Andrew E. Iacobucci, most recently Chief Commercial Officer at US Foods Holding Corp., as Interim Chief Executive Officer.
US Foods Holding Corp. still listed Satriano as Chief Executive Officer on its leadership page on its website shortly after the announcement was published.
“The Board determined that it is time for a change”
Pietro Satriano’s departure from the CEO post is explained as follows. Robert M. Dutkowsky, who has been appointed Executive Chair, said: “After careful consideration, the Board determined that it is time for a change in leadership at US Foods.”
Precise information regarding Pietro Satriano’s future plans was not immediately available.
“Transition/leaving the Company”
US Foods said: “US Foods Holding Corp. (NYSE: USFD) (“US Foods” or the “Company”), one of the largest foodservice distributors in the United States, today announced a transition of its Chief Executive Officer.”
US Foods further said: “The US Foods Board announced that Pietro Satriano, Chief Executive Officer, is leaving the Company and will not stand for re-election as director at the upcoming 2022 annual meeting of shareholders.”
Share price decline since May 2019
The announcement follows a decline in US Foods Holding Corp.’s share price of 4% since May 2019.
In the position of CEO since 2015
Pietro Satriano became CEO of the Company in 2015.
Satriano has served as Chief Executive Officer and a director of US Foods since July 2015 and served as Chairman of the Board from December 2017 through February 2022.
From February 2011 to July 2015, Satriano served as the Company’s Chief Merchandising Officer.
Prior to joining US Foods, Satriano was President of LoyaltyOne Canada, a provider of loyalty marketing and programs, from 2009 to 2011.
From 2002 to 2008, he served in a number of leadership positions at Loblaw Companies Limited, a Canadian grocery retailer and wholesale food distributor, including Executive Vice President, Loblaw Brands, and Executive Vice President, Food Segment.
Satriano began his career in strategy consulting, first in Toronto, Canada with Canada Consulting Group and then in Milan, Italy with the Monitor Company.
Satriano currently serves on the board of directors of CarMax, Inc.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Pietro Satriano’s move on a scale of 0 to 10.
exechange reached out to US Foods and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 20.2022 ($).