Sysco Grants Stock Awards to CEO and Interim CFO Ahead of JRD Acquisition
Sysco granted performance-based stock awards to its CEO Kevin Hourican ($2 million) and interim CFO Brandon Sewell ($1 million), contingent on the completion of its $29 billion acquisition of Jetro Restaurant Depot (JRD). The company also awarded cash compensation to its chief human resources officer for AI-related efforts. These grants aim to ensure leadership continuity during the integration process, which is expected by Q3 2027. Sysco announced a new revolving credit facility with Bank of America worth $750 million to help fund part of the JRD acquisition and related expenses. The deal includes $21.6 billion in cash and approximately 91.5 million shares, totaling an enterprise value of about $29.1 billion based on Sysco’s March share price. The acquisition has drawn scrutiny from lawmakers and industry groups over antitrust concerns, with critics warning it could reduce competition and raise food prices for independent restaurants.