- After around three years on the job
- Laud, praise and thanks for Khan
- Dirk Locascio taking over
UPDATE: This article has been updated to reflect the following news: On January 13, 2017, Kellogg Company announced that Fareed Khan will join the company effective February 17, 2017.
(management-change.com) — Rosemont, Illinois, January 12, 2017 — Fareed Khan, finance chief of US Foods, leaves. It is a change at short notice. As announced by US Foods Holding Corp. in a news release and in a regulatory filing published on Thursday, January 12, 2017, Fareed Khan leaves the post as Chief Financial Officer at the foodservice distributor to restaurants in a surprising move after around three years on the job, effective February 06, 2017.
Khan’s duties are taken over by Dirk J. Locascio, currently Senior Vice President, Financial Accounting and Analysis at US Foods Holding Corp.
The move is part of a management shake-up.
“To pursue other business opportunities”
The imminent management change is explained as follows. US Foods said: “Fareed Khan, Chief Financial Officer, will resign his position effective February 6, 2017 to pursue other business opportunities.”
Khan will be Chief Financial Officer at Kellogg Company
Kellogg Company announced on Friday, January 13, 2017, that Fareed Khan will join the company effective February 17, 2017 and will be named as Chief Financial Officer (CFO) and Principal Financial Officer the day after the Company’s 10-K is filed. Khan will succeed current CFO Ron Dissinger, who will remain with the company in 2017 to ensure an orderly transition. Kellogg Company is a food manufacturing company.
Clayton, Dubilier & Rice, LLC holds 37.77 percent stake
Clayton, Dubilier & Rice, LLC reported a 37.77 percent stake in US Foods Holding Corp. as of September 30, 2016. Clayton, Dubilier & Rice, LLC is a private-equity firm.
Kohlberg Kravis Roberts & Co. L.P. reported a 37.77 percent stake in US Foods Holding Corp. as of September 30, 2016. Kohlberg Kravis Roberts is a private-equity firm.
Chaired by John C. Compton
US Foods Holding Corp. is chaired by John C. Compton.
Compton has been the Chairman of the Board of Directors since August 2015. Compton became a Partner at Clayton, Dubilier & Rice, LLC in 2015 after serving as an Operating Advisor since 2013.
CEO: Pietro Satriano
Pietro Satriano serves as CEO of US Foods Holding Corp. Satriano was named President and Chief Executive Officer of US Foods in July 2015.
On the job as CFO since 2013
Khan has been Chief Financial Officer of US Foods Holding Corp. since September 09, 2013.
Khan came to US Foods from US Stationers, a $5 billion publically traded business product wholesaler, where he served as a Senior Vice President and Chief Financial Officer.
Prior to US Stationers, Khan spent 12 years with USG Corporation where he served in multiple financial and operational roles, most recently as Executive Vice President, Finance and Strategy where he lead all finance, accounting, corporate strategy, information technology, pension and investor relations activities.
Khan has also served as a consultant at McKinsey & Company specializing in acquisition analysis, supply chain optimization and organization redesign.
Khan graduated from the University of Chicago with Masters in Business Administration.
“Khan is resigning as CFO effective February 6, 2017 and will stay on in an advisory capacity until mid-February to ensure a smooth transition,” US Foods said.
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