CEO Transition Clause Samples

CEO Transition. Effective as of the close of business on the Effective Date, the Company shall take all such actions as are necessary to accept the resignation of ▇▇▇▇▇▇▇ ▇▇▇▇ from his position as a member of the Board.

CEO Transition. The US Foods Board announced that P▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Chief Executive Officer, is leaving the Company and will not stand for re-election as director at the upcoming 2022 annual meeting of shareholders. R▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ has been appointed Executive Chair and A▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ has been appointed Interim Chief Executive Officer. Dutkowsky currently serves as non-executive Chairman of the Board and I▇▇▇▇▇▇▇▇ currently serves as Chief Commercial Officer. To identify a permanent CEO, the Board has formed a five-member search committee. Dutkowsky said, “After careful consideration, the Board determined that it is time for a change in leadership at US Foods. On behalf of the entire Board, I want to thank Pietro for his dedication and leadership to US Foods over the last 11 years and for guiding the Company through the pandemic. As we navigate this transition, US Foods remains well positioned to capitalize on the opportunities ahead to generate significant value for our shareholders.” “Since joining the Company in 2017, A▇▇▇▇▇ has been a proven leader. As our Chief Commercial Officer with in-depth knowledge of our customers, he has been actively involved in our ongoing efforts to profitably drive market share and optimize gross margins – two key pillars of our balanced long-range plan. The Board is grateful that A▇▇▇▇▇ has agreed to step into the Interim CEO role and is confident he is the right person to lead us through this transition. I look forward to working closely with him and the rest of our exceptional management team as we continue to execute our strategy,” added Dutkowsky. I▇▇▇▇▇▇▇▇ commented, “US Foods is off to a great start in 2022 and our recent financial performance highlights the strong early progress we are making against the initiatives that support our long-range plan. I look forward to working closely with Bob, the rest of the management team and our associates to continue building our momentum, with a focus on driving improved top and bottom-line results.” S▇▇▇▇▇▇▇ stated, “It has been an honor to have led such a remarkable team committed to making US Foods one of America’s great food companies, and I am proud of all that we have achieved together. I wish Bob, A▇▇▇▇▇ and the entire team continued success.” Pursuant to the cooperation agreement with Sachem Head, the Board’s Nominating and Corporate Governance Committee has appointed J▇▇▇▇ ▇. ▇▇▇▇▇▇, ▇▇., S▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇ and D▇▇▇▇ ▇. Toy as new independent directors, effective May 18, 2022. F▇▇...

CEO Transition a. Work with the CEO to ensure a smooth transition of duties. b. Work with key customers and clients in connection with CEO transition. c. Communicate with management and other key employees in connection with CEO transition. d. Assist in the transition of other key relationships to CEO, including outside financial, legal, accounting, consulting relationships. e. Mentor and advise the CEO, as appropriate. f. Advise and provide support to CEO and management for implementation of key strategic initiatives. g. Advise CEO in connection with mergers, acquisitions, dispositions and other corporate transactions. h. Provide assistance and consultation in connection with the transition and messaging to analysts, investors and other constituents.

CEO Transition