Monitor the transition of Holm to Non-Executive Chair in Jan 2027 and any further activist activity from Sachem Head following the expiration of the standstill. The departure of three directors and Ferguson's resignation creates board refreshment risk/opportunity.
Price Chart
Executive Summary
Performance Food Group's 2026 proxy statement reflects a leadership transition with Scott McPherson as new CEO and George Holm as Executive Chair (transitioning to Non-Executive Chair in Jan 2027). The company reported strong FY2026 results: net sales of $67.8B (+7.2% YoY), adjusted EBITDA of $1.93B (+9.2%), and net income of $359.3M (+5.6%). Three directors are departing, and a cooperation agreement with activist Sachem Head (which placed Scott Ferguson on the board) has expired following his resignation. Say-on-pay received 98% support last year.
Key Facts
- Net sales of $67.8B, up 7.2% YoY
- Adjusted EBITDA of $1.93B, up 9.2% YoY
- Net income of $359.3M, up 5.6% YoY
- Diluted EPS of $2.29, up 5.0% YoY
- CEO Scott McPherson total compensation: $7.13M (FY2026); Executive Chair George Holm: $10.99M
- AIP payout at 150.4% of target; performance shares earned at 143.23% of target
- Three directors (Dawson, Fernandez, Flanagan) not standing for re-election; Ferguson resigned Aug 2026
- Cooperation agreement with Sachem Head expired Sept 13, 2026
- 98% say-on-pay approval at last annual meeting
- Board recommends FOR all 10 director nominees, ratification of Deloitte, and advisory vote on compensation
Financial Impact
FY2026 net sales $67.8B (+7.2%), adjusted EBITDA $1.93B (+9.2%), net income $359.3M (+5.6%)
Risk Factors
- Activist investor Sachem Head's standstill has expired, potentially leading to renewed engagement or proxy contest
- CEO transition and board refreshment could create near-term governance uncertainty
- Adjusted EBITDA slightly below target (95.6% achievement) despite strong AIP payout
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEF 14A Filing (Primary) | 0001193125-26-419150 |
| Document: 0001193125-26-419150-index-headers.html | 0001193125-26-419150 |
| Document: 0001193125-26-419150-index.html | 0001193125-26-419150 |
| Document: 0001193125-26-419150.txt | 0001193125-26-419150 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 4d ago | Institutional Cluster | $94.71 $95.63 | ▲ +0.97% | ▲ +0.26% | $96.26 (+1.64%) |
Oct 9, 2026 18d ago | DEF 14A | $94.72 $94.68 | ▼ −0.04% | ▼ −0.03% | $96.26 (+1.63%) |
Sep 2, 2026 7w ago | Insider Cluster | $99.15 $98.63 | ▼ −0.52% | ▼ −0.14% | $96.26 (−2.91%) |
Aug 25, 2026 9w ago | Insider Cluster | $102.47 $102.12 | ▼ −0.34% | ▼ −1.00% | $96.26 (−6.06%) |
Aug 20, 2026 9w ago | CLUSTER / 8-K | $104.98 $105.78 | ▲ +0.76% | ▲ +1.06% | $96.26 (−8.31%) |
Aug 20, 2026 9w ago | Insider Cluster | $104.98 $105.78 | ▲ +0.76% | ▲ +1.06% | $96.26 (−8.31%) |
Aug 20, 2026 9w ago | 8-K | $103.98 $104.98 | ▲ +0.96% | ▲ +0.55% | $96.26 (−7.42%) |
Aug 12, 2026 10w ago | 8-K | $107.41 $104.48 | ▼ −2.73% | ▼ −3.43% | $96.26 (−10.38%) |
Jul 2, 2026 16w ago | Insider Cluster | $113.09 $113.74 | ▲ +0.57% | ▼ −0.30% | $96.26 (−14.88%) |
Jun 26, 2026 17w ago | 144 | $112.65 $111.79 | ▼ −0.76% | ▼ −1.54% | $96.26 (−14.55%) |
US Market Status
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