Tom Ondrof will transition to Strategic Growth Leader
Jim Hope will assume the Chief Financial Officer role, effective March 1, 2018
December 15, 2017 07:00 AM Eastern Standard Time
RICHMOND, Va.--(BUSINESS WIRE)--Performance Food Group Company (“PFG”) (NYSE: PFGC) today announced the appointment of Jim Hope as Chief Financial Officer effective March 1, 2018. Mr. Hope will succeed Tom Ondrof, who will be transitioning from his position and will become the Strategic Growth Leader, working closely with PFG’s senior management on strategic growth initiatives. Mr. Ondrof and Mr. Hope will work closely together during the transition, which will begin immediately, and Mr. Ondrof will oversee the completion of the company’s reporting requirements for the second fiscal quarter in February before transitioning to his new role.
Mr. Hope, 57, is a 30-year veteran of the foodservice business and has held multiple leadership roles in finance, operations and sales and marketing. Since joining the company in 2014, Mr. Hope has led efforts to streamline PFG’s business operations, strengthen internal best practices, develop the new Specialty business, and guide the Company’s Procurement and Operations strategies. Before joining PFG, he spent 26 years in executive leadership roles at Sysco Corporation, including most recently as Executive Vice President of Business Transformation, after serving as Senior Vice President of Sales and Marketing. Before that, Mr. Hope progressed through several financial leadership positions of increasing responsibility, including overseeing Internal Audit and Chief Financial Officer of Sysco Corporation’s Kansas City operating company, prior to becoming President and CEO of that subsidiary.
Mr. Hope will lead PFG’s corporate finance department and oversee accounting, tax, treasury, investor relations and financial planning. He will also continue to oversee PFG’s procurement function and Specialty businesses. As a member of the executive leadership team, he will continue to report directly to George Holm, PFG’s President & CEO.
“Jim is a seasoned professional with nearly three decades of industry experience and a proven track record of leadership at PFG. His contributions will be integral to our continued success as we grow the business and execute on our long-term goals,” said George Holm. “We are also grateful to Tom for his valuable contributions to the finance function. He has been instrumental in establishing processes that will benefit the company for years to come. We are excited to have Tom in this new role to further our company's growth initiatives.”
“This new position allows me more flexibility to better balance personal commitments, while continuing to help the management team drive growth,” said Mr. Ondrof. “I am excited about this new role which will allow me to utilize my experience in strategy and M&A and my knowledge of the industry to focus singularly on the company’s growth initiatives.”
“Tom has done a great job leading our finance function, and I am excited about the opportunity to succeed him as CFO,” said Mr. Hope. “I look forward to continuing to work closely with the company’s leadership team as we capitalize on our many exciting opportunities.”
For fiscal 2018, PFG reaffirms its Adjusted EBITDA growth to be in a range of 8% to 11%.The company continues to believe it will be at the higher end of the fiscal 2018 Adjusted EBITDA range, which reflects expected first-half growth in the mid-teens and expected second-half growth in the high single digits. PFG also reaffirms it expects fiscal 2018 Adjusted Diluted EPS to grow in a range of 13% to 18%.
About Performance Food Group Company
Through its family of leading foodservice distributors – Performance Foodservice, Vistar, and PFG Customized – Performance Food Group Company markets and distributes approximately 150,000 food and food-related products from 76 distribution centers to over 150,000 customer locations across the United States. PFG’s 14,000+ associates serve a diverse mix of customers, from independent and chain restaurants to schools, business and industry locations, hospitals, vending distributors, office coffee service distributors, big box retailers, and theaters. The company sources its products from more than 5,000 suppliers and serves as an important partner to its suppliers by providing them access to the company's broad customer base. For more information, visit www.pfgc.com.
