Hostess Brands, Inc. Announces Chief Executive Officer Retirement
October 12 2017 - 4:30PM
Business Wire
Bill Toler, President and Chief Executive
Officer, Plans to Retire in March 2018
Hostess Brands, Inc. (NASDAQ: TWNK) (NASDAQ: TWNKW) (the
“Company”) today announced that Bill Toler has informed the Company
that he plans to retire as President and Chief Executive Officer,
effective March 1, 2018 or sooner if a replacement is appointed. He
will remain on the Company’s Board of Directors.
Dean Metropoulos, Executive Chairman of the Board, commented,
“On behalf of the Board and management team I would like to thank
Bill for his significant contributions to Hostess. Under Bill’s
leadership, the Company successfully re-established the iconic
Hostess brand as a leader within the sweet baked goods category and
transitioned from a private to public company. Bill has led Hostess
through a considerable growth phase and has generated significant
stockholder value. It has been a pleasure working with him to
establish a strong culture as a foundation for future success.”
Mr. Toler commented, “I am very proud of our accomplishments.
Hostess has built a tremendous team and it has been a privilege and
honor to work with them. They have contributed so significantly to
our success and transformation. I will leave with great confidence
in their abilities and the Company’s continued success.”
The Board of Directors has created a subcommittee of the Board
to identify and evaluate internal and external candidates with the
assistance of an executive search firm to fill the President and
Chief Executive Officer position. Mr. Metropoulos noted, “The Board
will now focus on identifying the right candidate to lead Hostess
into its next phases of growth.” During the transition period to a
new Chief Executive Officer, Mr. Metropoulos will expand his duties
as Executive Chairman as necessary to ensure continuity of
leadership.
The Company plans to report earnings for the third quarter ended
September 30, 2017 on November 8, 2017.
About Hostess Brands, Inc.
The Company is one of the leading packaged food companies
focused on developing, manufacturing, marketing, selling and
distributing fresh baked sweet goods in the United States. The
brand's history dates back to 1919, when the Hostess® CupCake was
introduced to the public, followed by Twinkies® in 1930. Today, the
Company produces a variety of new and classic treats including Ding
Dongs®, Ho Hos®, Donettes®, Hostess SweetShop™ and Fruit Pies, in
addition to Twinkies® and CupCakes.
For more information about Hostess products and Hostess Brands,
please visit hostesscakes.com. Follow Hostess on Twitter:
@Hostess_Snacks; on Facebook: facebook.com/Hostess; on Instagram:
Hostess_Snacks; and on Pinterest: pinterest.com/hostesscakes.
Forward-Looking Statements
This press release contains statements reflecting our views
about our future performance that constitute “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended and Section 21E of the Securities Exchange Act
of 1934, as amended, that involve substantial risks and
uncertainties. Forward-looking statements are generally identified
through the inclusion of words such as “believes,” “expects,”
“intends,” “estimates,” “projects,” “anticipates,” “will,” “plan,”
“may,” “should,” or similar language. Statements addressing our
future operating performance and statements addressing events and
developments that we expect or anticipate will occur are also
considered as forward-looking statements. All forward-looking
statements included herein are made only as of the date hereof. The
Company undertakes no obligation to update any forward-looking
statement, whether as a result of new information, future events,
or otherwise.
These statements inherently involve risks and uncertainties that
could cause actual results to differ materially from those
anticipated in such forward-looking statements. These risks and
uncertainties include, but are not limited to, maintaining,
extending and expanding our reputation and brand image; protecting
our intellectual property rights; leveraging our brand value to
compete against lower-priced alternative brands; correctly
predicting, identifying and interpreting changes in consumer
preferences and demand and offering new products to meet those
changes; operating in a highly competitive industry; our continued
ability to produce and successfully market products with extended
shelf life; our ability to drive revenue growth in our key products
or add products that are faster-growing and more profitable;
volatility in commodity, energy, and other input prices; our
dependence on our major customers; our geographic focus could make
us particularly vulnerable to economic and other events and trends
in North America; increased costs in order to comply with
governmental regulation; general political, social and economic
conditions; a portion of our workforce belongs to unions and
strikes or work stoppages could cause our business to suffer;
product liability claims, product recalls, or regulatory
enforcement actions; unanticipated business disruptions; dependence
on third parties for significant services; our insurance may not
provide adequate levels of coverage against claims; failures,
unavailability, or disruptions of our information technology
systems; our ability to achieve expected synergies and benefits and
performance from our strategic acquisitions; dependence on key
personnel or a highly skilled and diverse workforce; and our
ability to finance our indebtedness on terms favorable to us; and
other risks as set forth from time to time in our Securities and
Exchange Commission filings.
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