HOUSTON, Feb 17, 2009 (GlobeNewswire via COMTEX) -- Sysco Corporation (NYSE:SYY) today announced that its board of directors has named Manny Fernandez as its non-executive chairman, effective June 28, 2009, succeeding Richard J. Schnieders who previously announced his retirement in January. Mr. Fernandez will be the sixth chairman in Sysco's forty year history. He currently is a member of the Corporate Governance and Nominating Committee, Finance Committee, and Corporate Sustainability Committee on Sysco's Board of Directors.
"I look forward to continuing to work with Sysco in my newly expanded role, including partnering with vice chairman Ken Spitler and forthcoming chief executive officer Bill DeLaney," said Mr. Fernandez. "Sysco's ability to offer innovative services, as well as quality assured products to help our customers be more successful, has allowed us to increase our position as North America's leading foodservice distributor. The long history of company success and the highly experienced management team at Sysco provides a platform of financial strength and operational excellence from which we will continue to build upon."
Mr. Fernandez, 62, has served as a director of Sysco since November 2006. He is the former chairman, president, and chief executive officer of Gartner Incorporated. Previously, he was president and chief executive officer at Dataquest, Incorporated, Gavilan Computer Corporation, and Zilog Incorporated. Mr. Fernandez also serves on the board of directors of Brunswick Corporation, Flowers Foods, Inc., and The Black & Decker Corporation.
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.
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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 strengthen its financial and operational position within the industry over the long-term. 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; the successful completion of acquisitions and integration of acquired companies as well as the risk that acquisitions could negatively impact the Company's stock price, operating results or debt ratio or significantly increase the Company's liquidity requirements; the risk of interruption of supplies due to lack of long-term contracts, severe weather, work stoppages or otherwise; construction schedules; management's allocation of capital and the timing of capital purchases such as fleet and equipment; competitive conditions; labor issues; and internal factors such as the ability to control expenses. Earnings are also impacted by option expensing, which is based on certain assumptions regarding the number and fair value of options granted, resulting tax benefits and shares outstanding. Capital expenditures may vary from those projected based on changes in business plans and other factors, including those described above. 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.
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SOURCE: Sysco Corporation
Sysco Corporation
Neil Russell, Vice President, Investor Relations
281-584-1308