U.S. Foods CEO Satriano to Step Down in Sachem Head Settlement

U.S. Foods Holding Corp.’s chief executive officer is stepping down as part of a settlement with Sachem Head Capital Management that will also see the activist investor get three board seats at the company.

Pietro Satriano, who has been CEO at U.S. Foods since 2015, will not stand for re-election as a director at the company’s next annual general meeting, according to a statement Tuesday. Robert Dutkowsky has been appointed executive chair and Andrew Iacobucci interim CEO.

Under the terms of an agreement with Sachem Head, James Barber, Scott Ferguson and David Toy will become independent directors ...