sysco corp (SYY) Key Developments
Sysco Corporation Approves Amendments and Restated to its Bylaws
Nov 20 13
The Board of Directors of the Sysco Corporation approved the Amended and Restated Bylaws of the Corporation which amends the current Amended and Restated Bylaws to provide that any person who is a nominee to the Board must submit a written representation and agreement to the Board, in a form provided by the Secretary of the Corporation, that such person is not and will not become a party to (A) any agreement, arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected as a director of the Corporation, will act or vote on any issue or question that has not been disclosed to the Corporation or (B) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the Corporation, with such person's fiduciary duties under applicable law, is not and will not become a party to any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect compensation, reimbursement or indemnification in connection with service or action as a director that has not been disclosed therein, and in such person's individual capacity and on behalf of any person or entity on whose behalf the nomination is being made, would be in compliance, if elected as a director of the Corporation, and will comply with all applicable publicly disclosed corporate governance, code of conduct, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the Corporation and any other policies and guidelines of the Corporation applicable to directors; provide that, unless the Corporation consents in writing to the selection of an alternative forum, the sole and exclusive forum for any derivative action or proceeding brought on behalf of the Corporation, any action asserting a claim of breach of a fiduciary duty owed by any director or officer or other employee of the Corporation to the Corporation or the Corporation's stockholders, any action asserting a claim against the Corporation or any director or officer or other employee of the Corporation arising pursuant to any provision of the General Corporation Law or the Corporation's certificate of incorporation or bylaws (as either may be amended from time to time), or any action asserting a claim against the Corporation or any director or officer or other employee of the Corporation governed by the internal affairs doctrine shall be a state court located within the State of Delaware (or, if no state court located within the State of Delaware has jurisdiction, the federal district court for the District of Delaware); provide that the Board may adopt by resolution such rules and regulations for the conduct of the meetings of the stockholders as it shall deem appropriate and, except to the extent inconsistent with such rules and regulations, the chairman of any meeting of the stockholders shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chairman, are appropriate for the proper conduct of the meeting; and make certain conforming and other amendments necessary or desirable for the implementation of the foregoing.
Sysco Corporation Approves Quarterly Dividend, Payable on January 24, 2014
Nov 15 13
Sysco Corporation announced that the Board of Directors has approved a 3.6% increase in the quarterly cash dividend to $0.29 per share from the current $0.28 per share. The new dividend is payable on January 24, 2014, to common shareholders of record at the close of business on January 3, 2014.
Sysco Corporation Reports Unaudited Consolidated Earnings Results for the Thirteen Weeks Period Ended September 28, 2013
Nov 4 13
Sysco Corporation reported unaudited consolidated earnings results for the thirteen weeks period ended September 28, 2013. For the period, the company reported sales of USD 11,714.267 million compared to USD 11,086.916 million a year ago. Operating income was USD 478.198 million compared to USD 478.782 million a year ago. Earnings before income taxes were USD 452.204 million compared to USD 450.391 million a year ago. Net earnings were USD 285.590 million compared to USD 286.598 million a year ago. Diluted earnings per share were USD 0.48 compared to USD 0.49 a year ago. Net cash provided by operating activities were USD 169.229 million compared to USD 213.201 million a year ago. Additions to plant and equipment were USD 135.749 million compared to USD 155.673 million a year ago. Non GAAP free cash flow was USD 44.053 million compared to USD 58.921 million a year ago. Non GAAP adjusted diluted EPS underlying business was USD 0.56 compared to USD 0.58 a year ago. Non GAAP adjusted net earnings underlying business was USD 329.461 million compared to USD 340.144 million a year ago. Non-GAAP adjusted operating income underlying business was USD 547.663 million compared to USD 562.929 million a year ago.
Sysco Mulls Acquisitions
Nov 4 13
Bill Delaney, President and Chief Executive Officer of Sysco Corporation said, “Let me say this, the way we look at acquisitions is we are looking for opportunities to bring businesses in as a company that will help up grow. That may be geographic, it may be a product category. It may not be necessarily a top-line opportunity; it could be a consolidation play. So it just depends on the specific opportunity we are looking at”.
Sysco Corporation Appoints Jackie M. Ward as Non-Executive Chairman of the Board, Effective November 15, 2013
Oct 24 13
Sysco Corporation has elected Jackie M. Ward as Non-Executive Chairman of the Board, effective on November 15, 2013, the date of Sysco's 2013 Annual Meeting of Stockholders. As previously announced, Manuel A. Fernandez, Sysco's current Executive Chairman of the Board, will retire as Chairman and as a Board member at that time. Ms. Ward currently serves as the Lead Director of Sysco's Board and has served in that capacity
since May 2012. Because Ms. Ward is an independent director, Sysco does not currently anticipate designating a separate Lead Director subsequent to November 15, 2013.