The Chefs' Warehouse, Inc. Announces Entered into an Agreement with Legion Partners Asset Management, LLC
January 16, 2018 at 08:30 am EST
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The Chefs' Warehouse, Inc. announced that it has entered into an agreement with Legion Partners Asset Management, LLC and certain of its affiliates. Legion Partners beneficially owns approximately 6.0% of the Company outstanding common stock. Pursuant to the Cooperation Agreement, the Company has agreed to appoint two new independent directors, Christina Carroll and David E. Schreibman, to the Company Board of Directors on or prior to February 18, 2018, and to nominate Ms. Carroll and Mr. Schreibman at the Company 2018 and 2019 annual meetings of stockholders. In addition, Mr. Schreibman will join the Board Compensation and Human Capital Committee,
Ms. Carroll will join the Board Audit Committee and one of the new directors will join the Board Nominating and Corporate Governance Committee. The Company has also agreed to reduce the size of the Board by one director at each of the 2018 and 2019 annual meetings of stockholders so that immediately following the 2019 annual meeting of stockholders, the Board will be fixed at 10 directors.
The Chefs' Warehouse, Inc. is a distributor of specialty food products in the United States, the Middle East and Canada. The Company offers stock-keeping units (SKUs), ranging from specialty foods and ingredients to basic ingredients and staples, produce and center-of-the-plate proteins. Its product categories include center-of-the-plate, dry goods, pastry, cheeses and charcuterie, produce, dairy and eggs, oils and vinegars and kitchen supplies. It operates through the food product distribution segment, which is concentrated primarily in the United States. The Companyâs customer base consists primarily of menu-driven independent restaurants, fine dining establishments, country clubs, hotels, caterers, culinary schools, bakeries, patisseries, chocolateries, cruise lines, casinos and specialty food stores. Its center-of-the-plate products include custom cut beef, seafood and hormone-free poultry, as well as produce and food products, such as cooking oils, butter, eggs, milk and flour.