In the last trading session, the stock price of US Foods Holding Corp (NYSE:USFD) gained 0.72% to close the day at $32.23. The gains came at a share volume of 2.75 million compared to average share volume of 2.91. Post the recent gains, the market cap of firm was seen at $7.2 billion.
Recently, US Foods Holding reported the completion of its secondary public offering of around 39.955 million shares by investment funds linked with Kohlberg Kravis Roberts & Co. L.P. and Clayton, Dubilier & Rice, LLC, collectively called the “Selling Stockholders.” The offering also comprised firm repurchase of 10 million shares from the underwriter at $28 per share. The firm did not offer any stock in this transaction as well as did not record any proceeds from the shares sale by the Selling Stockholders.
With the closure of this secondary offering, Kohlberg Kravis and Clayton, Dubilier & Rice have fully closed their positions in the firm and are no longer eligible to designate nominees to the firm’s Board of Directors. Hence, Rick Schnall and John Compton, the designees of Clayton and Nate Taylor, a designee of Kohlberg Kravis have resigned from the Board.
Together with these updates, Pietro Satriano, the current Chief Executive Officer and President, has been elected Chairman of the Board. He has served as Chief Executive Officer and President of the firm and a member of the Board since July 2015. He has been with US Foods since 2011 and earlier was on the role of Chief Merchandising Officer.
Satriano expressed that on behalf of the management team and board, he would like to thank Rick, Nate and John for their notable contributions to US Foods Holding. Their support and counsel have been instrumental in shaping their firm’s success. He is honored to be engaged Chairman and want to appreciate the board for this opportunity.