Performance Food Group, a US food company with a product line covering everything from condiments to fresh fish, has reached a settlement with Sachem Head Capital Management, appointing the activist hedge fund’s founder Scott Ferguson to its board, according to a report by Reuters.
The move follows Sachem Head’s recent nomination of four directors and its push for the food distributor to explore a potential merger with rival US Foods.
Ferguson will join Performance Food’s audit and finance committee, which reviews all M&A and strategic alternatives. He would also be involved in any committee formed to evaluate extraordinary transactions. The agreement comes shortly after Performance Food and US Foods signed a clean team pact to share confidential financial information, a step often seen as a precursor to deal talks.
Sachem Head built its stake in Performance Food earlier this year and has prior experience in the sector, having previously sat on US Foods’ board.
