KANSAS CITY, Mo.--(BUSINESS WIRE)--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.