Renee Lovejoy Appointed President and Chief Executive Officer of Sysco Food Services of Idaho, Inc.
Renee A. Lovejoy has been named president and chief executive officer of Sysco Food Services of Idaho, Inc., a SYSCO Corporation (NYSE: SYY) subsidiary located in Boise, Idaho. Effective July 1, 2000, she succeeds Thomas J. Morgan, who will become chairman of the company until his retirement January 1, 2001.
Mr. Morgan purchased General Restaurant Equipment in 1974 and in 1975 acquired Idaho Food Products Company, Inc., which was founded in 1946 as the Idaho Potato Chip Co. The two companies later combined their operations as General Foodservice Inc. and Mr. Morgan became president. In 1987 General Foodservice Inc. was merged with SYSCO and subsequently its name was changed to Sysco Food Services of Idaho, Inc.
Richard J. Schnieders, executive vice president and chief operating officer of SYSCO, said Mrs. Lovejoy, 38, joined the company that became Sysco Food Services of Idaho, Inc. in 1986 as a customer service representative. She advanced to assistant controller in 1987 and controller two years later, then was promoted to vice president of finance and administration in 1991. She assumed her current position as senior vice president in 1996.
Mrs. Lovejoy was born and raised in Grosse Pointe, Michigan and has resided in Boise since 1983. She graduated from Western Michigan University in Kalamazoo, Michigan in 1983 with a bachelor of business administration in corporate finance and accounting. In 1999 she received recognition as one of the outstanding women in business by the Women's and Children's Alliance in Boise. Mrs. Lovejoy serves on the boards of Boise State University, Center for Management Development and K.I.D.S. Services. She and her husband James have two teenaged daughters.
Sysco Food Services of Idaho, Inc. markets and distributes a complete line of food and related products to approximately 2,500 restaurants, healthcare and educational institutions, lodging facilities and other foodservice locations in central and southern Idaho, eastern Oregon and northern Nevada. Since it merged with SYSCO in 1987, the company's employee base has grown to 210 from 47.
SYSCO, listed on the New York Stock Exchange, is the largest marketer and distributor of foodservice products in North America, generating in excess of $18.5 billion in annualized sales based on results of the first half of fiscal 2000. Currently, the SYSCO distribution network supplies more than 325,000 restaurants, healthcare and educational institutions, lodging facilities and other foodservice customers located throughout the entire contiguous United States and Alaska, as well as portions of Canada.
Certain statements made herein are forward-looking statements under the Private Securities Litigation Reform Act of 1995. They include statements regarding annualized sales. These statements involve risks and uncertainties and are based on current expectations and management's estimates; actual results may differ materially. Those risks and uncertainties that could impact these statements include the risks relating to the foodservice distribution industry's relatively low profit margins and sensitivity to economic conditions, SYSCO's, leverage and debt risks, the risk of interruption of supplies due to lack of long-term contracts, work stoppages or otherwise, and other risk factors detailed in SYSCO's Form 10-K for the fiscal year ended July 3, 1999 filed with the Securities and Exchange Commission.