HOUSTON, Dec. 11, 2006 (PRIME NEWSWIRE) -- SYSCO Corporation (NYSE:SYY) today announced that John K. Stubblefield, Jr., the company's executive vice president of finance and chief financial officer, has announced his planned retirement, effective July 1, 2007. SYSCO also announced that William J. DeLaney has been named senior vice president, financial reporting, effective January 1, 2007, and that following Mr. Stubblefield's retirement and pending final Board approval, Mr. DeLaney will assume the position of executive vice president and CFO on July 1, 2007.
Mr. Stubblefield, 60, began his SYSCO career in 1984 as controller of its Houston operating company, a position he held for two years before transferring to the company's Denver subsidiary in 1986 as vice president of finance. In 1992, he transferred to SYSCO's corporate headquarters in Houston as vice president and controller, progressing to senior vice president in 1993 and assuming additional duties as chief financial officer in 1994. Mr. Stubblefield was named senior vice president, finance and administration in 1999 and the following year was promoted to his current position. Mr. Stubblefield has also served as a member of SYSCO's Board of Directors since his election in 2003.
Richard J. Schnieders, chairman, CEO and president of SYSCO Corporation, said, "SYSCO is a better company because of John Stubblefield. His solid financial acumen, along with his tremendous integrity and leadership, helped shape SYSCO throughout his 22-year career. We are deeply appreciative of John's consistent insight and contributions to our enterprise. His positive impact on the company and its employees will be felt for many years after his retirement. We all wish John and his wife, Sharon, a long and happy retirement."
Mr. DeLaney, 51, began his SYSCO career in 1987 as assistant treasurer at the company's corporate headquarters. He was promoted to treasurer in 1991, and in 1993 he was named a vice president of the company, continuing in those responsibilities until 1994. Mr. DeLaney joined Sysco Food Services of Syracuse in 1996 as chief financial officer, progressed to senior vice president in 1998 and executive vice president in 2002. In 2004, Mr. DeLaney was appointed to his current position as president and chief executive officer of Sysco Food Services of Charlotte.
Mr. DeLaney earned a bachelor of business administration degree in 1977 from the University of Notre Dame, located in South Bend, Indiana, and in 1982 he received his master of business administration degree from the Wharton Graduate Division of the University of Pennsylvania. He and his wife, Debbie, have three children and will relocate to Houston in the near future.
"SYSCO is fortunate to have someone with Bill DeLaney's background within the company," continued Mr. Schnieders, "and we are pleased to welcome him back to the corporate office. His unique experiences in key management positions in the corporate office and in our Syracuse and Charlotte operating companies have prepared Bill for this opportunity. Bill will also benefit greatly from working with John Stubblefield over the next six months as he transitions to his new role."
SYSCO is the global leader in selling, marketing and distributing food products to restaurants, healthcare and educational facilities, lodging establishments and other customers who prepare meals away from home. Its family of products also includes equipment and supplies for the foodservice and hospitality industries. For the fiscal year 2006 that ended July 1, 2006, the company generated $32.6 billion in sales. For more information about SYSCO visit the company's Internet home page at www.sysco.com.
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Forward-Looking Statements
Certain statements made herein are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They include statements regarding anticipated future executive officer appointments. These statements involve risks and uncertainties and are based on management's current expectations and estimates; actual future executive officer appointments will be made based on management's and the Board's evaluation of all relevant information at that time, and statements made in this press release should not be taken as a guarantee as to any future action by management or the Board.