USA – Hostess Brand Inc. has announced that the company’s president and chief executive, Bill Toler, will retire effective March 1, 2018 or sooner in case a replacement is appointed.
The maker of American snacks like Twinkies and Ding Dongs said Mr Toler would still remain on the Company’s Board of Directors, as the company plans to report earnings for the third quarter ended September 30, 2017 on November 8, 2017.
According to Hostess Brands Inc., the Board of Directors had created a subcommittee of the Board to identify and evaluate internal and external candidates with the assistance of an executive firm search to fill the President and chief executive position.
“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,” said Mr. Toler.
“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 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,” commented Dean Metropoulos, Executive Chairman of the Board.
Mr. Metropoulos also 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.