Sysco (NYSE: SYY) CFO exits as company reaffirms 2026 guidance
Rhea-AI Filing Summary
Sysco Corporation announced a chief financial officer transition while reaffirming its financial outlook. Kenny Cheung will resign as Executive Vice President and CFO to join a Fortune 10 company in another industry, with no disagreements reported on operations, policies, accounting, or controls. He will remain in an advisory role until April 17, 2026 to support the handover.
Effective March 6, 2026, Brandon Sewell, currently Senior Vice President and CFO of Sysco’s U.S. Foodservice Operations, will serve as interim CFO under a new letter agreement that includes a $420,000 base salary, a target annual cash incentive equal to 100% of salary for fiscal 2026, and long-term equity incentives. Sysco reaffirmed fiscal 2026 adjusted EPS guidance at the high end of $4.50 to $4.60, sales growth of 3%–5%, and confidence in third quarter 2026 consensus adjusted EPS of $0.94 and U.S. Foodservice local case growth of at least 2.5%.
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Insights
CFO change is balanced by reaffirmed earnings and growth guidance.
The company is experiencing a senior leadership change as CFO Kenny Cheung departs for a Fortune 10 employer, but emphasizes there were no disagreements over financial reporting or controls. An experienced internal leader, Brandon Sewell, steps in as interim CFO, supporting continuity.
Sewell’s compensation package, including a $420,000 base salary, 100% target cash incentive, and equity awards tied to fiscal 2026, aligns his incentives with near-term performance. A one-time restricted stock unit award after his interim role is designed to enhance retention during the transition.
Importantly, Sysco reaffirmed fiscal 2026 adjusted EPS at the high end of $4.50–$4.60, projected sales growth of 3%–5%, and confidence in third quarter 2026 consensus adjusted EPS of $0.94 and U.S. Foodservice local case growth of at least 2.5%. This suggests management expects to maintain current business momentum despite the CFO transition.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On February 27, 2026, Mr. Kenny Cheung, Executive Vice President and Chief Financial Officer of Sysco Corporation (“Sysco” or the “Company”), notified the Company of his decision to resign from his position as Executive Vice President and Chief Financial Officer. Mr. Cheung resigned to accept an opportunity at a Fortune 10 company in a different industry, and there were no disagreements between the Company and Mr. Cheung on any matter relating to the Company’s operations, policies, or practices, including any matters relating to its accounting principles or practices, financial statement disclosure, or internal controls.
On March 4, 2026, the Company’s Board of Directors (“Board”) appointed Mr. Brandon Sewell, age 46, the Company’s Senior Vice President and Chief Financial Officer – U.S. Foodservice Operations, to serve as interim Chief Financial Officer, effective March 6, 2026. Prior to serving as Senior Vice President and Chief Financial Officer of the Company’s U.S. business, Mr. Sewell served in various management roles of increasing responsibility within the Company’s finance organization. Prior to joining Sysco in April 2014, Mr. Sewell served in the finance organization at Dell Technologies.
In connection with Mr. Sewell’s appointment as interim Chief Financial Officer, Mr. Sewell and the Company entered into a letter agreement, pursuant to which Mr. Sewell will receive an annual base salary of $420,000 and will be eligible to receive: (i) a target annual cash incentive opportunity for fiscal year 2026 equal to 100% of his annual base salary, pro-rated from March 1, 2026; (ii) an annual equity award for fiscal year 2026 under the Long Term Incentive program with a grant date fair value equal to 125% of his annual base salary, vesting over a period of three years; and (iii) a one-time restricted stock unit award to be granted upon completion of Mr. Sewell’s interim role, in the amount and on such terms as are determined from time to time by the Compensation and Leadership Development Committee of the Board, intended to enhance Mr. Sewell’s retention.
There is no family relationship between Mr. Sewell and any director or executive officer of the Company, and Mr. Sewell is not a party to any transaction subject to Item 404(a) of Regulation S-K involving the Company or any of its subsidiaries.
Mr. Cheung will remain at the Company in an advisory capacity until April 17, 2026, to ensure a smooth transition.
| ITEM 7.01 | Regulation FD Disclosure. |
On March 5, 2026, the Company issued a press release announcing the departure of Mr. Cheung and the appointment of Mr. Sewell as described in Item 5.02 of this Form 8-K.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated into this Item 7.01 by reference. The information in this Item 7.01 is being furnished, not filed, pursuant to Item 7.01 of Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit Number |
Description | |
| 99.1 | Press Release dated March 5, 2026 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, Sysco Corporation has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Sysco Corporation | ||||||
| Date: March 5, 2026 | By: | /s/ Andrew Wurdack | ||||
| Andrew Wurdack | ||||||
| Vice President, Securities and Corporate Governance & Assistant Secretary | ||||||
Exhibit 99.1
SYSCO ANNOUNCES CFO TRANSITION PROCESS
● Kenny Cheung to step down to accept another opportunity
● Brandon Sewell appointed interim CFO
● Company reaffirms 2026 adjusted EPS at the high end of guidance range
HOUSTON, March 5, 2026 – Sysco Corporation (NYSE:SYY) (“Sysco” or the “company”) today announced that Kenny Cheung, Executive Vice President and Chief Financial Officer, will step down to accept an opportunity at a Fortune 10 company in a different industry. Effective March 6, 2026, Sysco has appointed Brandon Sewell, a long-serving and accomplished leader within Sysco’s finance organization, as Interim CFO. Cheung will remain with the Company until April 17, 2026, to ensure a smooth transition.
Sewell joined Sysco in 2014 and has held various management roles of increasing responsibility within Sysco’s finance organization, most recently serving as Senior Vice President and CFO of Sysco’s U.S. business, the Company’s largest business unit. He brings deep institutional knowledge and a strong track record of financial leadership during his 12 years’ tenure. Previously, he was the head of finance for supply chain, the head of finance for merchandising and before that, led global financial planning and analysis (FP&A). Sewell holds an undergraduate degree from Brigham Young University and an MBA from Duke’s Fuqua School of Business. He will work closely with Sysco’s executive leadership team to ensure continuity and disciplined execution of the Company’s financial strategy.
“On behalf of our entire leadership team, I’d like to thank Kenny for his many contributions to Sysco,” said Kevin Hourican, Sysco’s Chair of the Board and Chief Executive Officer. “During his tenure, we significantly upskilled our finance organization, brought strong talent to our team, developed internal talent, modernized our financial processes and technology, and increased our Return on Invested Capital (ROIC) discipline to support our long-term strategy. Kenny helped build a strong financial foundation that positions us well for continued growth. We are grateful for his leadership impact, and we wish him success in his next chapter.”
Hourican continued, “Brandon is a trusted financial leader within Sysco who I have worked with closely for the past six years. He has earned the respect and trust of our entire organization including our Board. Brandon’s deep financial experience and strong understanding of our business gained through leading the finance function for supply chain, merchandising, and our largest business unit, positions him well as our interim CFO. We are confident in our business momentum, and we look forward to working with Brandon to continue executing our financial strategy.”
“I am honored to serve as Interim CFO and to support our business and our team during this transition. I have worked closely with Kenny for several years and look forward to partnering with him to ensure a smooth transition,” said Sewell. “We will remain focused on executing our strategy, maintaining financial discipline with our industry-leading balance sheet, and delivering value for our shareholders.”
“It has been a privilege to serve as CFO of Sysco,” said Cheung. “I am proud of the progress we have made to strengthen the talent and skills of our finance organization. Looking ahead, the Company is well positioned for the future, and I have confidence in its positive momentum and ability to drive consistent results. I look forward to following its continued success.”
Sysco also reaffirmed its fiscal year 2026 financial guidance for adjusted EPS at the high end of $4.50 to $4.60 and sales growth of 3%-5%. The company also remains confident in third quarter 2026 consensus adjusted EPS of $0.94 and USFS local case growth of at least 2.5% compared to the prior year.
About Sysco
Sysco is the global leader in selling, marketing and distributing food and related products to customers who prepare meals away from home. This includes restaurants, healthcare and educational facilities, lodging establishments, entertainment venues, and more. Sysco operates 337 distribution centers, in 10 countries, with 75,000 colleagues serving approximately 730,000 customer locations. The company generated sales of more than $81 billion in fiscal year 2025 that ended June 28, 2025.
As the world’s largest food-away-from-home distributor, Sysco offers customized supply chain solutions, bespoke specialty product offerings, and culinary support to drive customers to innovate and optimize their operations. We act as a trusted business partner to our customers, helping them grow through our industry-leading portfolio that includes fresh produce, premium proteins, specialty products, sustainably focused items, equipment and supplies, and innovative culinary solutions.
For more information, visit www.sysco.com. For important news and key information for Sysco investors, visit the Investor Relations section of the company’s website at investors.sysco.com.
SYY-INVESTORS
Forward-Looking Statements
Statements made in this press release or in our earnings call for the second quarter of fiscal year 2026 include statements that are forward-looking or that express management’s beliefs, expectations or hopes and are forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements include, among other things, our future financial performance and results, business strategy, plans, goals and objectives, including certain outlook, business trends, our dividend and share repurchase programs, our expectation of future macroeconomic conditions and other statements that are not historical facts, including our expectations regarding foot traffic and volume growth, and benefits to gross margins; and our expectations regarding our future growth, including growth in sales and earnings per share.
Such forward-looking statements reflect the views of management at the time such statements are made and are subject to a number of risks, uncertainties, estimates, and assumptions, including those outside of Sysco’s control. Risks and uncertainties include without limitation: the impact of geopolitical, economic and market conditions and developments, including changes in global trade policies and tariffs and foreign conflicts; risks related to our business initiatives; periods of significant or prolonged inflation or deflation and their impact on our product costs, volume, foot traffic, and profitability generally; risks related to our efforts to implement our transformation initiatives and meet our other long-term strategic objectives; risks of interruption of supplies and increase in product costs; risks related to changes in consumer eating habits; and impact of natural disasters or adverse weather conditions, public health crises, adverse publicity or lack of confidence in our products, and product liability claims. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Therefore, you should not place undue reliance on any of the forward-looking statements contained herein. For more information on these risks and other concerning factors that could cause actual results to differ from those expressed or forecasted, see our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC. We do not undertake to update our forward-looking statements, except as required by applicable law.
FAQ
What executive leadership change did Sysco (SYY) announce in this 8-K?
Who is Sysco’s interim CFO and what is his background?
What compensation will Sysco’s interim CFO Brandon Sewell receive?
Did Sysco report any disagreements with departing CFO Kenny Cheung?
What 2026 earnings guidance did Sysco reaffirm in this disclosure?
What outlook did Sysco provide for third quarter 2026 performance?
Filing Exhibits & Attachments
4 documents