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SYY > SEC Filings for SYY > Form 8-K on 10-Sep-2009All Recent SEC Filings

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Form 8-K for SYSCO CORP


10-Sep-2009

Change in Directors or Principal Officers


ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On September 8, 2009, the Board of Directors (the "Board") of Sysco Corporation (the "Company" or "Sysco") appointed Robert C. Kreidler to serve as the Company's Executive Vice President and Chief Financial Officer, effective October 5, 2009. William J. DeLaney, the Company's Chief Executive Officer and Chief Financial Officer, will continue to serve as the Company's Chief Financial Officer until October 5, 2009.
Prior to joining Sysco, Mr. Kreidler, age 45, served as Chief Financial Officer of C&S Wholesale Grocers, a privately-held food wholesaler, from February 2007 through March 2009. Between December 2003 and February 2007, he served as Senior Vice President of Corporate Strategy and Treasurer for Yum! Brands, Inc., a restaurant company with worldwide operations.
Mr. Kreidler will receive an annual base salary of $500,000. Effective on his hire date, he will become a participant in the Sysco Management Incentive Plan ("MIP") and will be eligible for a prorated bonus as a MIP participant for fiscal 2010. In November 2009, in conjunction with the regular long-term incentive grants to MIP participants, Mr. Kreidler will receive awards representing 240% of his annual base salary as follows:
• 50% in stock options subject to five-year annual vesting;

• 25% in cash performance units, based on three-year Company performance; and

• 25% in restricted stock units subject to three-year annual vesting.

At the Company's next scheduled meeting of the Board's Compensation Committee, Mr. Kreidler will also receive a one-time grant of 5,000 Restricted Stock Units subject to three-year annual vesting and 75,000 stock options subject to five-year annual vesting.
As a MIP participant, Mr. Kreidler will also be eligible to participate in the Company's Supplemental Executive Retirement Plan, the Disability Income Plan and additional group life and accident, death and dismemberment benefits. In fiscal 2011, he will be eligible to participate in the Executive Deferred Compensation Plan. Sysco will also reimburse Mr. Kreidler for certain expenses incurred in moving, including up to 12 months rent in Houston and a portion of his loss, if any, on the sale of his current home. Any direct reimbursements to Mr. Kreidler on which federal taxes are due will be increased by 35%.

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