RICHMOND - Performance Food Group Company (NYSE: NYSE:PFGC), a prominent food and foodservice distribution company, has announced changes to its executive leadership, effective January 1, 2025. Scott McPherson will take on the role of President & Chief Operating Officer, while Craig Hoskins will transition to Executive Vice President & Chief Development Officer.
McPherson, who has a 30-year tenure in the industry, previously held several senior roles at Core-Mark and most recently served as Executive Vice President & Chief Field Operations Officer at PFG. In his new position, he will oversee the company's three business segments: Foodservice, Convenience, and Vistar. His focus will be on growth and managing all aspects of these divisions, reporting directly to George Holm, PFG's Chairman & CEO.
Hoskins, with a history at PFG dating back to 1990, will now spearhead the integration of PFG's recent acquisitions, Cheney Brothers Inc. and Jose Santiago Inc. His goal will be to maximize the strengths of these organizations within the PFG enterprise. His previous roles include President & COO of PFG and President & CEO of Performance Foodservice and PFG Customized.
George Holm expressed confidence in the new appointments, stating, "By investing in the development of our leaders, we ensure our team is equipped to drive innovation, foster growth, and seamlessly navigate an ever-evolving marketplace."
Performance Food Group, headquartered in Richmond, Virginia, operates as one of North America's largest food and foodservice distributors. With a network of over 150 locations, PFG serves a diverse customer base, including restaurants, schools, healthcare facilities, and convenience stores. Want deeper insights? InvestingPro offers exclusive access to 12+ additional key metrics and analysis tools for PFGC, including detailed financial health scores and Fair Value estimates. The company's success, as a Fortune 100 entity, is attributed to its more than 40,000 associates who foster strong relationships with customers, suppliers, and communities.
This reshuffling of leadership at PFG comes as the company continues to expand its operations and integrate its recent acquisitions. The information in this article is based on a press release statement.
In other recent news, Performance Food Group has seen significant developments. The financial services firm, Piper Sandler, has increased its price target for Performance Food Group from $79 to $92, maintaining its Overweight rating on the stock. This adjustment comes in light of Performance Food Group's updated Fiscal 2025 guidance, which now includes the impact of the recently completed Cheney Brothers acquisition. The firm's revised estimates for Fiscal 2025 and Fiscal 2026 adjusted EBITDA reflect the integration of the acquisition into Performance Food Group's financial outlook.
In addition to the updated price target, Performance Food Group also reported its fiscal Q1 2025 financial results. The earnings conference call, led by CEO George Holm and CFO Patrick Hatcher, provided both GAAP and non-GAAP financial measures. The company issued forward-looking statements regarding future results, cautioning that these could differ due to various factors.
These are recent developments for Performance Food Group, providing investors with a more robust outlook for the company following the Cheney Brothers acquisition. As always, investors are advised to consider the forward-looking statements with the understanding that they are subject to various influencing factors.
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