Scott McPherson to Succeed George Holm as PFG CEO
Carrier Again on the M&A Prowl After US Foods Deal Collapses
Key Takeaways:
- Performance Food Group named Scott McPherson CEO effective Jan. 1, replacing George Holm, who becomes executive chair, the company said.
- The move follows PFG and US Foods ending merger talks in November that could have created the top food service carrier by scale.
- Holm will work with McPherson on acquisitions as PFG stays active after recent deals and amid expectations trucking M&A accelerates in 2026.
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Scott McPherson was selected to take the reins as CEO at Performance Food Group on Jan. 1, .
The move comes less than one month after Richmond, Va.-based PFG and US Foods called off talks for a planned merger that would have reshaped the food service carrier arena.
McPherson is currently PFG president and chief operating officer. He will replace George Holm as CEO. Longtime CEO Holm will become executive chair of the PFG board of directors.
PFG said Holm will continue to work closely with McPherson, singling out collaboration on mergers and acquisitions.
PFG ranks No. 4 on the Transport Topics Top 100 list of the largest private carriers in North America and operates five of the top 21 food service carrier brands. The five are Performance Food Service, Core-Mark, Vistar, Cheney Brothers and Merchants Foodservice.
US Foods ranks No. 5 on the private carrier Top 100 and No. 2 among food service carriers.
Had the deal gone ahead, the combined entity would have leapfrogged Sysco Corp. at the top of the food service carrier table — serving restaurants, corporate offices, convenience stores, gas stations and truck stops.
The courtship was brief. PFG and US Foods entered into an information-sharing agreement Sept. 16 but mutually agreed to dissolve discussions Nov. 24. PFG has been active on the M&A market; it bought Riviera Beach, Fla.-based Cheney Brothers in August 2024 for $2.1 billion and Core-Mark in May 2021 for $2.5 billion.
Rosemont, Ill.-based US Foods emerged as a potential buyer for PFG in July, but the talks were initially downplayed by PFG leadership.
(Performance Food Group)
“We feel good about what we have going on right now,” Holm told analysts during the company’s Aug. 13 earnings call. “We have some nice conversations, some that are actionable. Nothing that I would call — in our history — that I would call significant in size. But it is a great market today. I mean, there is a great amount of opportunity.”
The trucking M&A market is expected to ramp up in 2026, according to analysts at PwC, with temperature-controlled transportation especially attractive to buyers.
Holm became CEO of PFG in 2008. He previously founded food, snack and beverage distributor Vistar in 2002.
“It has been a privilege to be CEO of PFG, and I am proud of all that we have accomplished together. With a strong team, a clear strategic vision and positive business momentum, now is the right time to implement our succession plan and the next phase of leadership for the company,” Holm said.
“Having worked closely with Scott, I have seen firsthand how he prioritizes people and customers, bringing a relentless pursuit of value creation. I believe the future of PFG is bright under Scott’s leadership and I look forward to continuing to work alongside him and the rest of the board in my new role as executive chair,” he added.
McPherson, whose previous positions include CEO of Core-Mark, took on his current role at PFG in January 2025.
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