Company: SYY
Filing Date: 2025-10-02
Form Type: DEF 14A
Source: 0000096021-25-000147
Chunk: 75

Company: SYSCO CORP
Filing Date: 2025-10-02
Form: DEF 14A
Chunk 75
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 leading up to the 2019 annual meeting. More recently though, Sysco has significantly underperformed both the S&P 500 and S&P 500 Food/Staple Retail Index, with its 2024 10-K showing a cumulative total five-year return of just 15% . Had shareholders invested in the S&P 500 Food/Staple Retail Index over that period, their return would’ve been over 100%. Using data from Sysco’s 10-K, here’s the 5-year comparison (ii) :

| 70 | SYSCO CORPORATION//2025 Proxy Statement |

ITEM 4 STOCKHOLDER PROPOSAL Looking ahead, we believe stable, policy-driven leadership with a clear division of Chair and CEO duties would benefit shareholders. As this proposal (unlike the 2019 proposal) doesn’t seek an independent Chair policy, its adoption would let the Board retain significant flexibility to choose its leadership structure, while ensuring the Chair and CEO roles are separate. Although the Board may favor having absolute flexibility, considering Sysco’s flurry of Board leadership changes, its recent performance concerns, and the insurmountable conflict arising from a CEO overseeing him or herself, we believe support for its adoption is warranted. Thank you. (i) Source: Spencer Stuart 2024 Board Index (ii) Each year represents the last trading day of that fiscal year.

| SYSCO CORPORATION//2025 Proxy Statement | 71 |

ITEM 4 STOCKHOLDER PROPOSAL Board of Directors’ Statement in Opposition of the Proposal BOARD OF DIRECTORS’ STATEMENT IN OPPOSITION OF THE PROPOSAL The Board has carefully considered the stockholder proposal and, for the reasons described below, believes that implementation of the proposal is not necessary and not in the best interests of Sysco or its stockholders. Sysco’s stockholders rejected a proposal requiring an independent Chair in 2019, which would also have resulted in the separation of the Chair and CEO roles as requested by this proposal, and did so by an overwhelming majority (70% AGAINST). Our stockholders chose flexibility. The Board urges Sysco stockholders to continue to choose flexibility and thoughtful leadership and, once again, vote against this proposal for the reasons outlined below. The Board is in the best position to determine Sysco’s leadership structure and should retain the flexibility to do so. Selecting the right leadership structure for Sysco, in light of current circumstances and Sysco’s needs, is fundamental to exercising the Board’s oversight responsibilities. At this time, the Board does not believe