By Tess Stynes
Sysco Corp. Chief Financial Officer Chris Kreidler plans to step
down later this year, and the food distributor named company
veteran and Chief Accounting Officer Joel T. Grade as his
successor.
The change comes as Sysco tries to close its deal for US Foods
Inc. The pending merger of the two largest food distributors in the
U.S., initially valued at roughly $3.5 billion, faces an antitrust
hearing set for May. The Federal Trade Commission's antitrust
lawsuit alleges the planned merger will lead to higher prices and
reduced services for both national and local customers.
Sysco, based in Houston, said Mr. Kreidler decided to leave the
company to relocate to the Northeast and spend more time with his
family. Mr. Kreidler is expected to stay on as finance chief
through the end of August and remain as an adviser through year's
end. He joined Sysco in 2009 and in early 2014 was appointed to
lead the integration effort for the planned merger.
Sysco Chief Executive Bill DeLaney said Mr. Kreidler's strong
leadership in capital markets, long-term planning, mergers and
acquisitions, and integration planning for the US Foods merger are
areas in which he has made a significant and long-term impact on
the company.
Mr. Grade has been chief accounting officer since early 2014 and
started at Sysco in 1996 as a staff auditor.
Write to Tess Stynes at tess.stynes@wsj.com
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