Sysco Corp. (SYY) said its board of directors has named Manny Fernandez, currently the non-executive chairman of the company, as its executive chairman, effective immediately. Besides, Bill DeLaney, Sysco's president and chief executive officer, will continue both in his current role and as a member of the company's board of directors.
Fernandez has served as a director of Sysco since November 2006 and as its non-executive chairman since June 2009. He remains chairman of Sysco's board of directors.
Upon Fernandez becoming a full-time Sysco employee, he resigned his board positions on the compensation committee and the corporate governance and nominating committee. Sysco stated that its board will also elect from its current membership a lead director at its May 23, 2012 meeting.
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