HOUSTON, TX - Sysco Corporation has announced that Chief Financial Officer Chris Kreidler plans to step down later this year. The company has named company veteran and Chief Accounting Officer Joel T. Grade as his successor.
The company stated in a press release that Chris Kreidler's decision to leave the company was in order to relocate to the Northeast and spend more time with his family. Kreidler will remain CFO through August 31, 2015, and will work closely with Grade and others in Sysco's senior executive team to ensure an orderly transition. Kreidler has also agreed to stay with the company through December as a company advisor.
"Chris was the first senior executive I hired upon becoming CEO in 2009, and we are indebted to him for his many contributions and tireless efforts on behalf of Sysco," said Bill DeLaney, Sysco's President and Chief Executive Officer. "His strong leadership in capital markets, long-term planning, mergers and acquisitions, and integration planning for the US Foods merger are areas where Chris has made a significant and long-term impact on our company. We respect Chris' thoughtful and personal decision to step down, and wish Chris and his family all the best for their future."
Grade has served as Sysco's Senior Vice President of Finance and Chief Accounting Officer since early 2014 with responsibility for field finance, commercial finance, financial planning and analysis, financial reporting, and shared services accounting.
He began his career at Sysco as a Staff Auditor in 1996 and has since held a variety of senior finance and commercial roles, including Chief Financial Officer of Sysco Chicago in 2002 followed by Chief Financial Officer of Sysco Canada in 2007. He was later promoted to President of Sysco Canada in 2010 and then became Senior Vice President of Foodservice Operations, north region and Canada in 2012.
Grade earned an undergraduate degree in Accounting and Finance with a specialization in International Business from the University of Wisconsin-Madison in 1993 and an MBA in Finance, Strategy and Marketing from Northwestern University's Kellogg School of Management in 2007.
"As a veteran Sysco leader with nearly 20 years of experience in key finance and commercial roles, Joel is uniquely suited to step into the CFO position," DeLaney said. "His deep knowledge of our local operations and people, combined with his more recent service at the corporate level, give him a well-rounded view of how to better serve our customers. We are fortunate to have a leader like Joel ready to take on this key position and I look forward to working closely with him in his new role as we move forward.”
The change comes as Sysco tries to close its deal for US Foods. The Wall Street Journal reports that the pending merger of the two largest food distributors in the U.S. 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.
