Sysco Corporation · NYSE:SYY
Sysco — Investor Day (December 2010)
95 slides from Sysco's investor day presentation, Dec 2, 2010
Slide 1: Investor Day December 2, 2010
Investor Day December 2, 2010
Slide 2: Forward-Looking Statements
Forward-Looking Statements adverse publicity or lack of confidence in Sysco's products could negatively impact its reputation and reduce sales and earnings; product liability claims could require significant cash outlays or earnings charges; expansion internationally and into complementary lines of
Slide 3: Bill DeLaney, President & CEO
Bill DeLaney President & CEO
Slide 4: Building From a Strong Foundation
Building From a Strong Foundation Our Heritage Our People Our Market Position Visionary Founder Legacy of Iconic Leaders Great People Rich Culture Strong Core Values Financial Strength Market Leadership $200+ Billion Market 4
Slide 5: Sysco Serves a $200+ Billion Market
Sysco Serves a $200+ Billion Market Potential (U.S.) $158 B Sysco Sales (U.S.) $33 B Potential (Canada) $16 B Sysco Sales (Canada) $4 B Canada Foodservice Market: approximately $20 B U.S. Foodservice Market: approximately $190 B Total Core Market: approximately $200 B + = Sysco's Core Foodservice Ma
Slide 6: Sysco is the Leader in a Highly Fragmented Market
Top 10 Regional Broadline Distributors Maines $3 B FSA / SSA $3 B Ben E Keith: $2 B Cheney: $800 M IFH: $600 M Agar: $500 M Sysco's Competitive Landscape (More than 16,500 distributors) Sysco $37 B 17% US Foodservice $19 B, 9% PFG $10 B, 5% Top 10 Regionals $23 B, 11% GFS $7 B Reinhart $4 B Shamrock
Slide 7: Sysco Has Key Competitive Advantages
Sysco Has Key Competitive Advantages In early phases of fully exploiting these advantages Highly efficient supply chain & broad network Large, experienced sales force Premier customer service Business reviews Depth of product offering including Sysco brand Enterprise scale & scope Continuous investm
Slide 8: Opportunities Exist to Grow Share Across All Account Types
$191 B Opportunities Exist to Grow Share Across All Account Types Sysco U.S. Sales and Market Potential1 Contract Potential (Broadline) $76 B Contract Sales (Broadline) $14 B Street Potential $43B Street Sales $14 B Contract Potential (SYGMA) $39 B Contract Sales (SYGMA) $5 B 8 1 Represents Sysco FY
Slide 9: The Foodservice Market Consists of a Diverse Customer Base
The Foodservice Market Consists of a Diverse Customer Base U.S. Foodservice Distribution Market by Customer Segment, CY2009 $191 B Other includes: Vending: $10 B Military: $2 B Corrections: $2 B Misc.: $1 B Retail Hosts: $18 B, 9% Travel & Leisure: $14 B, 7% B&I: $7 B, 4% Healthcare: $11 B, 6% Other
Slide 10: Sysco's U.S. Market Size and Share - CY2009
Sysco's U.S. Market Size and Share - CY2009 We Have Opportunities Across All Customer Segments 10 Source: Technomic Restaurants Travel & Leisure Education Health- care U.S. Potential Market Size ($B) $110 $16 $14 $11 Sysco's Market Share (%) 100% 0% Total: $191 B Sysco Share: 17% 17% 36% 21% 12% 91
Slide 11: Changing Industry Dynamics Require New Approach
Changing Industry Dynamics Require New Approach Sysco Growth vs. Foodservice Market Growth CAGR High growth Maturing market Economic downturn 3.6X 2.0X 1.9X 1.6X 2.0X 11 Source: Internal estimates and third party data
Slide 12: Our Mission
To market and deliver great products to our customers with exceptional service Our Mission What we do every day 12
Slide 13: Our Vision
Our Vision To be our customers' most valued and trusted business partner What we aspire to 13
Slide 14: Our Strategy
Our Strategy Profoundly enrich the experience of doing business with Sysco Continuously improve productivity in all areas of our business Expand our portfolio of products and services by initiating a customer-centric innovation program Explore, assess and pursue new businesses and markets Develop an
Slide 15: Executing Our Strategy
Optimize Core Invest in Core Business Accelerate Contract Sales Growth Optimize Fold-in Acquisitions Increase Customer Retention Innovation Optimize the Core Business Transformation Executing Our Strategy Potential Strategic Acquisitions Expand the Core Talent Management 15
Slide 16: Mike Green, EVP, Foodservice Operations
Mike Green EVP, Foodservice Operations
Slide 17: Executing Our Strategy: Optimize the Core
Accelerate Contract Sales Growth Optimize Fold-in Acquisitions Innovation Optimize the Core Executing Our Strategy Potential Strategic Acquisitions Expand the Core Talent Management 17 Invest in Core Business Increase Customer Retention Business Transformation
Slide 18: Competition Varies by Region
Competition Varies by Region WEST NORTH SOUTH Northwest Rocky Mountains Southwest Great Plains Midwest Mideast Northeast Mid- Atlantic Southeast Florida Cali- fornia FSA / SSA Ben E Keith Shamrock Nicholas & Company Gordon Food Service Performance Food Group Reinhart Key Competitors - North Key Comp
Slide 19: Majority of Broadline Operating Companies are Market Leaders
Ireland Majority of Broadline Operating Companies are Market Leaders 19
Slide 20: Core Optimization Framework
Core Optimization Framework Core Optimization Grow Sales Contract Sales Street Sales Increase Productivity Warehouse and Delivery Retention Penetration Small Acquisitions National Merchandising and Supply Chain National Merchandising and Supply Chain SG&A 20
Slide 21: Opportunities Exist to Grow Share Across All Account Types
Opportunities Exist to Grow Share Across All Account Types Sysco U.S. Sales and Market Potential1 $191 B Contract Potential (Broadline) $76 B Contract Sales (Broadline) $14 B Street Potential $43B Street Sales $14 B Contract Potential (SYGMA) $39 B Contract Sales (SYGMA) $5 B 21 1 Represents Sysco F
Slide 22: Initiatives to Improve Customer Retention and Penetration
Initiatives to Improve Customer Retention and Penetration Full engagement of Operating Company Senior Management & involvement of newly created Market VPs Improve awareness of early warning indicators of potential lost business Improve tracking and root-cause analysis of lost business Work collabora
Slide 23: Investing in Sales Force to Support Sales Growth
Investing in Sales Force to Support Sales Growth Marketing Associate (MA) Headcount Year-Over-Year Change 23 High correlation between MA headcount and sales
Slide 24: Increase Level of Business Reviews
Increase Level of Business Reviews VIDEO Drives retention and new sales 24
Slide 25: Street Sales Focus
Street Sales Focus Customer retention and penetration, small acquisitions Core Optimization Grow Sales Contract Sales Street Sales Increase Productivity Warehouse and Delivery Retention Penetration Small Acquisitions National Merchandising and Supply Chain National Merchandising and Supply Chain SG&
Slide 26: Many Opportunities for Fold-In Acquisitions
Many Opportunities for Fold-In Acquisitions Segmentation of Acquisition Potential (Approximately $200B Foodservice Distribution Market) Regional Distributors (sales >$400 MM) National Distributors (Sysco, USF, PFG) Local Distributors (Potential Fold-In Acquisitions, each with sales of $10 - $400 MM)
Slide 27: Continued Focus on Productivity Improvements
Continued Focus on Productivity Improvements Core Optimization Grow Sales Contract Sales Street Sales Increase Productivity Warehouse and Delivery Retention Penetration Small Acquisitions National Merchandising and Supply Chain National Merchandising and Supply Chain SG&A 27
Slide 28: Productivity Initiatives
Productivity Initiatives Initiatives enable us to grow operating income faster than sales Near-Term Productivity Initiatives Hold headcount constant in non-operating areas and continue to look for opportunities to reduce headcount Continue to balance outbound cases across days of the week to realize
Slide 29: Warehouse Cases Per Manhour
Warehouse Cases Per Manhour Warehouse Cases Per Manhour have improved 63% since FY00 Note: Data for Sysco US Broadline companies 29 5.0% CAGR
Slide 30: Cases Per Trip
Cases Per Trip have improved 24% since FY00 Cases Per Trip 30 Note: Data for Sysco US Broadline companies 2.2% CAGR
Slide 31: Continuous Investments in the Business
< $50MM $50MM - $100MM > $100MM Continuous Investments in the Business... Capital investment greater than $10M (FY06 - FY10) 31
Slide 32: Despite Challenging Economy
....Despite Challenging Economy Growth in cases provides foundation for further investment in the business: Foldouts - Long Island Land purchase in Southern California RDCs - Break ground on Indiana site in Spring 2011 Marketing Associate headcount growth Case Volume (U.S. Broadline ) 32
Slide 33: Well Positioned For Further Profitability Improvement
Well Positioned For Further Profitability Improvement Investing in MA headcount to improve street sales Focused on customer retention & penetration Focused on productivity & efficiency in operations 33
Slide 34: Larry Pulliam, EVP, Foodservice Operations
Larry Pulliam EVP, Foodservice Operations
Slide 35: Executing Our Strategy
Executing Our Strategy Invest in Core Business Optimize Fold-in Acquisitions Increase Customer Retention Innovation Optimize the Core Business Transformation Potential Strategic Acquisitions Expand the Core Talent Management 35 Accelerate Contract Sales Growth
Slide 36: Opportunities Exist to Grow Share Across All Account Types
Opportunities Exist to Grow Share Across All Account Types Sysco U.S. Sales and Market Potential1 $191 B Contract Potential (Broadline) $76 B Contract Sales (Broadline) $14 B Street Potential $43B Street Sales $14 B Contract Potential (SYGMA) $39 B Contract Sales (SYGMA) $5 B 36 1 Represents Sysco F
Slide 37: Identifying Opportunities for Growth
Identifying Opportunities for Growth Example of Penetration Opportunities1 Type of Customer Share of Wallet (Total Enterprise) Unit Penetration (Locations Served) Share of Wallet (of Units Served) CMU2 Customer SYGMA Customer 36% 38% 92% Sysco Rest of Account 6% 7% Recently won Sysco business 90% 37
Slide 38: Contract Sales Strategy
Contract Sales Strategy Take a More Targeted, Strategic Approach to Sales Leverage Our Enterprise Capabilities to Best Serve our Customers Structure and Enable Our Resources to Focus on Sales and be More Customer Centric 1 2 3 38
Slide 39: A More Targeted, Strategic Approach to Sales
Developed: Segment-specific sales specialist Detailed prospect lists A More Targeted, Strategic Approach to Sales Analyzed: Segment Size Segment Share Segment Profitability Our Capabilities Prioritized: Restaurants Healthcare Travel & Leisure Education 39
Slide 40: Sysco's U.S. Contract Sales Market Size and Share
Sysco's U.S. Contract Sales Market Size and Share Opportunity Drives Our Priorities Source: Internal estimates and third party data 40 Restaurants Travel & Leisure Edu- cation Health- care U.S. Contract Potential Market Size ($B) $75 $10 $11 $9 Sysco's Market Share (%) 100% All Other $30 Focus Area
Slide 41: Developing and Refining Our Sales Strategy by Segment
Developing and Refining Our Sales Strategy by Segment Segment Restaurants Travel & Leisure Education Prioritize target list Enhance business reviews Leverage local relationships Key Next Steps Healthcare Create healthcare sales department Enhance acute care offerings Adopt programs to facilitate loc
Slide 42: Leveraging Our Enterprise Capabilities
Leveraging Our Enterprise Capabilities Our quality relationships and our breadth of offerings is what differentiates us from our competition Sourcing & Supply Chain Leverage Sysco's size & resources Sysco Meat Access to a comprehensive produce supply chain Ability to integrate off- shore units withi
Slide 43: Key Takeaways
Key Takeaways Significant opportunities exist to grow market share in contract business We have developed strategic priorities to take advantage of market opportunities Approach sales in a more targeted, strategic manner Structure our resources to support sales strategy and customer priorities Lever
Slide 44: Jim Hope, EVP, Business Transformation
Jim Hope EVP, Business Transformation
Slide 45: Executing Our Strategy
Executing Our Strategy Optimize Core Invest in Core Business Accelerate Contract Sales Growth Optimize Fold-in Acquisitions Increase Customer Retention Innovation Optimize the Core Business Transformation Potential Strategic Acquisitions Expand the Core Talent Management 45
Slide 46: Business Transformation
Business Transformation Grow sales, reduce operating costs and make more effective decisions Centralize task-based work Leverage improved data Manage cost to serve Shared Services Enhance customer experience Improve sales force productivity Sales and Marketing Support sales force Develop enterprise-
Slide 47: Sales & Marketing
Sales & Marketing
Slide 48: Improve Sales Force Productivity
Improve Sales Force Productivity Evolution of percentage of time spent on enterprise activities 25% 50% 75% 100% 5 45% Admin 25% Travel 30% Sales & Consultation (Today) More time with customers for selling and merchandising Admin 25% Travel 50% Sales & Consultation (Future) 48
Slide 49: CRM is Designed to Drive Sales Growth
CRM is Designed to Drive Sales Growth Customer relationship management program (CRM) will help Sysco understand customers' needs and behaviors in order to develop stronger relationships "CRM program thus far has been a great time management tool in planning daily activities. I definitely see how the
Slide 50: Rolling Out Sysco Market
Sysco Market Phase I: eSysco Replacement Order Management Rolling Out Sysco Market... Sysco Market - SAP Based on extensive customer feedback Extended search capabilities Product images Promotion and campaign marketing capability Nutrition and other product attributes Sales and customer on same appl
Slide 51: ....to Favorable Reviews
....to Favorable Reviews "We are using it and love it. Seems to be flawless. Easy to use and has cut 30 minutes off our time that it takes to order." Jason Talcott, CEC, Chef-Manager, Northrop Grumman SLC 51
Slide 52: Satisfying Customers and Managing Cost-to-Serve
Satisfying Customers and Managing Cost-to- Serve Allowing customers to choose their preferred service level Improves the customer experience Increases sales force effectiveness Balances cost-to-sell, customer satisfaction and growth Customer Service Model Dedicated Marketing Associate Marketing Asso
Slide 53: Shared Services: Sysco Business Services (SBS)
Shared Services Sysco Business Services (SBS)
Slide 54: Sysco Business Services (SBS)
Sysco Business Services (SBS) Centralizes administrative functions and standardizes processes for: Sales order support Billing and invoice support Catalog and order guide management Pricing management Contract management Human Resources support Continuous Improvement - With standardized processes in
Slide 55: Data Management
Data Management Data Mining "Finding the Clues Hidden in the Data"
Slide 56: More Informed Decisions Driving Improved Operations
More Informed Decisions Driving Improved Operations Improved visibility of product deliveries and inventory levels Enhanced financial forecasting process providing: Automated forecasting based on historical data and business trends Better ability to identify and track significant risks and trends Im
Slide 57: Project Status
Project Status
Slide 58: Project Accomplishments to Date
Project Accomplishments to Date Design future business processes Map processes to new system Build and configure initial system Complete three rounds of integration testing Purchase and prepare SBS facility Launch SBS recruiting and hiring Establish, include and utilize massive stakeholder engagemen
Slide 59: Business Transformation Timeline
First Broadline operating company is launched Fall 2010 Q1 Calendar 2011 Summer /Fall 2011 New systems and processes are tested Stabilization Period 4 operating companies are launched Any necessary modifications and process changes are made to address customer, supplier and employee feedback The fir
Slide 60: Risk Mitigation
Risk Mitigation Significant executive involvement throughout project timeline Measured implementation timeline Only one company will go live in first quarter calendar 2011 Stabilization period to monitor implementation and make changes Roll out other U.S. Broadline companies in waves of 10 to 15 ove
Slide 61: All Stakeholders Will Benefit
All Stakeholders Will Benefit Suppliers become more involved in the planning process Enhanced category management A Sysco that is easier to do business with People, process and technology in position to grow sales Increased productivity and efficiency Timely, accurate information to manage the busin
Slide 62: Chris Kreidler, EVP & CFO
Chris Kreidler EVP & CFO
Slide 63: Executing Our Strategy
Invest in Core Business Accelerate Contract Sales Growth Increase Customer Retention Innovation Optimize the Core Business Transformation Executing Our Strategy Potential Strategic Acquisitions Expand the Core Talent Management 63 Optimize Fold-in Acquisitions
Slide 64: Food Distribution Market Landscape
Top 10 Regional Broadline Distributors Maines $3 B FSA / SSA $3 B Ben E Keith: $2 B Cheney: $800 M IFH: $600 M Agar: $500 M More than 16,500 distributors Sysco $37 B 17% US Foodservice $19 B, 9% PFG $10 B, 5% Top 10 Regionals $23 B, 11% GFS $7 B Reinhart $4 B Shamrock: $2 B Labatt: $900 M Other (~16
Slide 65: Many Opportunities for Fold-In Acquisitions
Many Opportunities for Fold-In Acquisitions Segmentation of Acquisition Potential ($B; # of Distributors) (Approximately $200B Foodservice Distribution Market) Regional Distributors (sales >$400 MM) $23 B; 13 Sales $70 -$400 MM National Distributors (Sysco, USF, PFG) $66B; 3 Potential Small Acquisit
Slide 66: Increased Focus on Acquisition Opportunities
Increased Focus on Acquisition Opportunities Management realignment increases internal resources Working more with bankers and business brokers Pipeline of deals has doubled compared to one year ago Building relationships and a pipeline of potential deals Ramp-up Sourcing Refining Process Proactivel
Slide 67: Potential Strategic Acquisitions
Potential Strategic Acquisitions Potential Strategic Acquisitions U.S. and Canada International New Adjacencies 67
Slide 68: Formula for Success
Formula for Success Grow Sales Faster Than the Industry Grow Earnings Faster Than Sales Maintain Industry- Leading ROIC Positions Sysco for consistent and profitable growth 68
Slide 69: Key Financial Objectives & Assumptions
Key Financial Objectives & Assumptions Approach $50B in annual sales by FY15 FY10 sales $37B Growth of ~5% annually Grow Sales Faster Than the Industry 69
Slide 70: Restaurant Spending Beginning to Improve
Total Restaurant Dollars, % Change vs. Year Ago Restaurant Spending Beginning to Improve Source: NPD Group Environment has improved, but remains under pressure 70
Slide 71: Real Growth Expected To Be Very Modest
Real Growth Expected To Be Very Modest Foodservice Industry YOY Real Market Growth (U.S.) Technomic October 2010 Forecast 71
Slide 72: Inflation Should Contribute to Nominal Market Growth
However, Inflation Should Contribute to Nominal Market Growth Food Away From Home Inflation Rates Inflation Range = Minimum Inflation Rate to Maximum Inflation Rate Median Inflation Rate Ending Year of Five Year Rolling Period Source: U.S. Bureau of Labor Statistics 72
Slide 73: Key Financial Objectives & Assumptions
Key Financial Objectives & Assumptions Approach $50B in annual sales by FY15 Assume modest industry growth of 2-3% Real growth Inflation Grow Sales Faster Than the Industry 73
Slide 74: Sysco Has Consistently Grown Faster Than the Foodservice Market
Sysco Has Consistently Been Able to Grow Faster Than the Foodservice Market Sysco Growth vs. Foodservice Market Growth CAGR 3.6X 2.0X 1.9X 1.6X 2.0X High Growth Maturing Market Economic Downturn 74 Source: Internal estimates and third party data
Slide 75: Consistent Ability To Achieve Share Gains
Consistent Ability To Achieve Share Gains Decomposition of Sysco's Historical Sales Growth Acquisition of CFS in 1988 fills out the map in the U.S. Acquisition of Serca in 2002 fills out the map in Canada 75 Source: Internal estimates and third party data
Slide 76: Sysco Has Consistently Found A Way To Gain Industry Share
76 Sysco Has Consistently Found A Way To Gain Industry Share Market share gain of 1/2 ppt. equates to approximately 3% in additional sales Source: Internal estimates and third party data Average of 1/2 point share gain per year
Slide 77: Key Financial Objectives & Assumptions
Key Financial Objectives & Assumptions Approach $50B in annual sales by FY15 Assume modest industry growth of 2-3% Assume additional Sysco growth of 2-3% Market share gains Acquisitions Grow Sales Faster Than the Industry 77 Total sales growth of 4 - 6% annually
Slide 78: Key Financial Objectives & Assumptions
Key Financial Objectives & Assumptions Approach $50B in annual sales by FY15 Assume modest industry growth of 2-3% Assume additional Sysco growth of 2-3% Grow Earnings Faster Than Sales Achieve $3.00 EPS in FY15 FY10 EPS of $1.99 Implied growth rate of ~9% Grow Sales Faster Than the Industry 78
Slide 79: Leveraging Scale, Technology Improvements, Productivity
Leveraging Scale, Technology Improvements, Productivity History of Operating Margin Improvements $MM of Operating Income 79 % Change YOY in Operating Income Operating Margin Improvement of ~70 bps over 5 years
Slide 80: Productivity Initiatives
Productivity Initiatives Initiatives enable us to grow operating income faster than sales Near-Term Productivity Initiatives Hold headcount constant in non-operating areas and continue to look for opportunities to reduce headcount Continue to balance outbound cases across days of the week to realize
Slide 81: Current Expectations
Current Expectations FY10 Actual EPS Sales Dollar Growth @ 5% Expanded Operating Margins - "Traditional" Productivity Improvements Expanded Operating Margins - Business Transformation FY15 EPS Objective $1.99 Implied CAGR of ~ 9% Earnings Growth 81 ~1 point combined operating margin improvement Grow
Slide 82: Key Financial Objectives & Assumptions
Key Financial Objectives & Assumptions Approach $50B in annual sales by FY15 Assume modest industry growth of 2-3% Assume additional Sysco growth of 2-3% Achieve $3.00 EPS in FY15 Implied sales growth of ~5% Assume 1 ppt of operating margin expansion Maintain Industry- Leading ROIC Approach 20% ROIC
Slide 83: We Expect to Generate Significant Cash Flow Over Next Five Years
We Expect to Generate Significant Cash Flow Over Next Five Years FY11 - FY15 Targeted Operating Cash Flow (includes remaining IRS payments) $ 8 - 10 B Capital Costs, net (includes business transformation capital) $ (3 - 3.5) B Available for Acquisitions, Dividends, Share Repurchases, Other $ 5 - 6.5
Slide 84: Projected Capital Expenditures
Land & Bldg 55% Fleet 20% IT 15% Other 10% Projected Capital Expenditures Land & Buildings include: Foldouts in Long Island and So. California Replacement of Boston, Central Texas & 1-2 other facilities RDC's: Indiana & 4th facility Multiple facility expansions IT includes: Business transformation 8
Slide 85: There is Sufficient Cash Flow to Fund Our Strategic Objectives
There is Sufficient Cash Flow to Fund Our Strategic Objectives 85
Slide 86: Strong Balance Sheet Provides Flexibility
Strong Balance Sheet Provides Flexibility $1.4 billion in operating cash flow in FY2010, excluding IRS payments Less than $700 million in debt payments over the next five years Undrawn $1.3 billion commercial paper facility Corporation rating of AA- Highest ratings for short- term debt Standard & Po
Slide 87: Business Transformation Requires $900MM Multi-Year Investment
Business Transformation Requires $900MM Multi-Year Investment Estimated Total Cash Expenditures ($ millions) 87
Slide 88: Business Transformation Yields Significant Long-Term Benefits
Business Transformation Yields Significant Long-Term Benefits FY10A FY11E FY12E FY13E FY14E FY15E Incremental EPS Impact ($0.02) ($0.06- $0.09) ($0.16-$0.19) ($0.02-$0.05) $0.17-$0.21 $0.28-$0.32 EPS Impact YOY? ($0.00) ($0.05) ($0.10) $0.15 $0.20 $0.10 Projected Incremental Impact of Business Trans
Slide 89: Positioned for Consistent and Profitable Sales Growth
Positioned for Consistent and Profitable Sales Growth Grow Sales Faster Than the Industry Approach $50B in annual sales by FY15 Assume modest industry growth of 2-3% Assume additional Sysco growth of 2-3% Grow Earnings Faster Than Sales Achieve $3.00 EPS in FY15 FY10 EPS of $1.99 Implied growth rate
Slide 90: Bill DeLaney, President & CEO
Bill DeLaney President & CEO
Slide 91: Closing Remarks
Closing Remarks 91 Sysco has a strong foundation Long history of profitable growth, strong execution and disciplined management Market leader with many competitive advantages and capabilities We expect modest industry growth, but believe Sysco has opportunities to grow in excess of the industry We a
Slide 92: Executing Our Strategy
Optimize Core Invest in Core Business Accelerate Contract Sales Growth Optimize Fold-in Acquisitions Increase Customer Retention Innovation Optimize the Core Business Transformation Executing Our Strategy Potential Strategic Acquisitions Expand the Core Talent Management 92
Slide 93: Sysco Participants
93 Sysco Participants Bill DeLaney President and Chief Executive Officer Bill began his Sysco career in 1987 as assistant treasurer at Sysco's corporate headquarters in Houston. He was promoted to treasurer in 1991, and in 1993 was named a vice president of the corporation, continuing in that role u
Slide 94: Sysco Participants
94 Jim Hope Executive Vice President, Business Transformation Jim began his Sysco career in 1987 as a financial analyst at the corporate headquarters in Houston and advanced through a variety of management positions before moving to Sysco Kansas City in 1993 as chief financial officer. In 2000, he w
Slide 95: Sysco Participants
95 Larry Pulliam Executive Vice President, Foodservice Operations Larry began his Sysco career in 1975 with a predecessor company in Fort Worth, Texas. After joining Sysco's corporate office in 1987, he served in various leadership roles in operating companies, returning to Sysco's corporate office