Hostess Brands’ CEO to retire

16-Oct-2017 - Last updated on 16-Oct-2017 at 14:08 GMT

Twinkies maker Hostess Brands has announced its CEO Bill Toler will be retiring next year. Pic: Hostess

Bill Toler, president and CEO of Twinkies producer Hostess Brands, has informed the Board of Directors that he plans to retire in March 2018.

Hostess said Toler’s retirement will take effecton March 1, 2018, or sooner if a replacement is found.

The company has appointed a subcommittee to identify and evaluate internal and external candidates with the assistance of an executive search firm to fill the president and CEO position.

“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,” said Dean Metropoulos, executive chairman of the Board.

Finding the right candidate

“[We] will now focus on identifying the right candidate to lead Hostess into its next phases of growth.”

Metropoulos will expand his duties as necessary during the interim to ensure a smooth transfer of leadership.

Toler joined the Hostess Group after it was bought out of liquidation by Apollo Global Management and C Dean Metropoulos in 2013. He was named CEO in May 2014 and oversaw the Missouri-based company’s return to the stock market last year.

Toler will remain on the company’s Board of Directors.

Hostess shares slid 0.3% to $13.39.

In August, the company reported year-to-date net income of $52.4m, an increase of $18.2m over the year prior.