THOMASVILLE, Ga., Feb. 19, 2019 /PRNewswire/ -- Flowers Foods,
Inc. (NYSE: FLO), producer of Nature's Own, Wonder,
Tastykake, Dave's Killer Bread, and other bakery
foods, today announced that Ryals McMullian, the company's chief
operating officer, has been elected president and chief executive
officer, effective as of the company's 2019 annual meeting of
shareholders. The board of directors, in accordance with the
company's management succession plan, elected McMullian following
the decision by Allen L. Shiver,
president and chief executive officer, to retire and step down from
the board. To ensure a seamless transition, Shiver will continue to
serve in his current position and as a board member until the
annual meeting and will then serve as a non-executive special
advisor to the company through the end of the year.
"Succession planning has long been an important priority for the
board, and we are pleased to elect Ryals as Flowers Foods' next
president and CEO," said Benjamin H.
Griswold, IV, presiding director of Flowers' board. "Ryals
has been a driving force behind the effort to grow the company into
new areas we believe can enhance shareholder value and strengthen
our competitive position. He has done an outstanding job aligning
the team behind our strategic goals and pushing our efforts
forward. We are confident he is the right choice to take the helm
at this exciting and important time in our company's history."
Commenting on Allen Shiver's
41-year career with the company, George E.
Deese, non-executive chairman of Flowers Foods' board of
directors said, "Allen has been a strong advocate for our company
and the baking industry. He has made significant contributions to
the development of our brands and the growth of the company through
key acquisitions, such as Dave's Killer Bread, and he led
the team during the development and implementation of the company's
strategic transformation under Project Centennial. On behalf of the
board, I thank Allen for his many years of service. We look forward
to continuing to work with him during the transition period."
Shiver said, "Over the past four decades, I have seen this
company grow from a regional bakery to a national powerhouse, with
leading brands and a strong foundation for future growth and value
creation. Since 2017, our company has made great strides in
establishing a strong team, and we are taking actions to improve
efficiencies and enhance profitability. Ryals and I have worked
closely together over the past few years, and I know I am leaving
the company in very capable hands. It has truly been an honor and
privilege to work with all the outstanding members of the Flowers
team."
"I'm deeply honored to accept this responsibility," said Ryals
McMullian. "I firmly believe in Flowers' vision and long-term
strategic plan. We will leverage the power of our unique culture to
foster an even greater sense of ownership, engagement, and
accountability among all team members. We will continue to take the
necessary steps to better position Flowers for future growth in a
dynamic business environment by strengthening critical
brand-building capabilities, moving into growing adjacent segments,
and better leveraging our cost structure. I am energized by the
exciting opportunities that lie ahead to grow shareholder
value."
McMullian, 49, joined Flowers Foods in 2003, and was named chief
operating officer in July 2018. Since
2016, he has directed the company's transformation under Project
Centennial. Prior to his current position, he served in roles of
increasing responsibility, including deputy general counsel, vice
president of mergers and acquisitions, and chief strategy
officer.
Shiver, 63, joined the company in 1978, and has served as
president and chief executive officer of Flowers Foods since 2013.
He currently serves as an American Bakers Association (ABA) board
member and has served as ABA's chairman of the board. He currently
serves as co-chair of the Grain Foods Foundation Board of Trustees
and on the Grocery Manufacturers Association's President's Advisory
Council and Industry Affairs Council.
About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE:
FLO) is one of the largest producers of fresh packaged bakery foods
in the United States with 2018
sales of $4 billion. Flowers operates
bakeries across the country that produce a wide range of bakery
products. Among the company's top brands are Nature's Own,
Wonder, Dave's Killer Bread, and Tastykake.
Learn more at www.flowersfoods.com.
Forward-Looking Statements
Statements contained in
this press release that are not historical facts are
forward-looking statements. Forward-looking statements relate to
current expectations regarding our future financial condition,
performance and results of operations, long-term strategic and
other objectives of management and the expected benefits of the
management transition and are often identified by the use of words
and phrases such as "anticipate," "believe," "continue," "could,"
"estimate," "expect," "intend," "may," "plan," "predict,"
"project," "should," "will," "would," "is likely to," "is expected
to" or "will continue," or the negative of these terms or other
comparable terminology. All forward-looking statements are subject
to risks and uncertainties that could cause actual results to
differ from those projected. Other factors that may cause actual
results to differ from the forward-looking statements contained in
this release and that may affect the company's prospects in general
include, but are not limited to, (a) general economic and business
conditions and the competitive conditions in the baked foods
industry, including promotional and price competition, (b) changes
in consumer demand for our products, including changes in consumer
behavior, trends and preferences, including health and whole grain
trends, and the movement toward more inexpensive store-branded
products, (c) the success of productivity improvements and new
product introductions, (d) a significant reduction in business with
any of our major customers including a reduction from adverse
developments in any of our customer's business, including as a
result of product recalls or safety concerns related to our
products, (e) fluctuations in commodity pricing, (f) energy and raw
material costs and availability and hedging and counterparty risk,
(g) our ability to fully integrate recent acquisitions into our
business, (h) our ability to achieve cash flow from capital
expenditures and acquisitions and the availability of new
acquisitions that build shareholder value, (i) our ability to
successfully implement our business strategies, including those
strategies the company has initiated under Project Centennial,
which may involve, among other things, the integration of recent
acquisitions or the acquisition or disposition of assets at
presently targeted values, the deployment of new systems and
technology and an enhanced organizational structure, (j)
consolidation within the baking industry and related industries,
(k) disruptions in our direct-store delivery system, including
litigation or an adverse ruling from a court or regulatory or
government body that could affect the independent contractor
classification of our independent distributors, (l) increasing
legal complexity and legal proceedings that we are or may become
subject to, (m) product recalls or safety concerns related to our
products, and (n) the failure of our information technology systems
to perform adequately, including any interruptions, intrusions or
security breaches of such systems. The foregoing list of important
factors does not include all such factors, nor necessarily present
them in order of importance. In addition, you should consult other
public disclosures made by the company, including the risk factors
included in our most recently filed Annual Report on Form 10-K and
Quarterly Reports on Form 10-Q filed with the Securities and
Exchange Commission ("SEC") and disclosures made in other filings
with the SEC and company press releases, for other factors that may
cause actual results to differ materially from those projected by
the company. We caution you not to place undue reliance on
forward-looking statements, as they speak only as of the date made
and are inherently uncertain. The company undertakes no obligation
to publicly revise or update such statements, except as required by
law.
FLO-IR FLO-CORP
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SOURCE Flowers Foods, Inc.