Key Takeaways:
- Flowers Foods, known for brands like Wonder Bread, announced the appointment of D. Anthony Scaglione as its new CFO, effective January 1. He will succeed Steve Kinsey, who is retiring at the end of the year.
- Scaglione’s appointment comes after Flowers Foods reported disappointing second-quarter earnings, with a decrease in net income due to various factors including increased costs and higher interest expenses.
- The company revised its full-year guidance, projecting lower net sales amidst macroeconomic uncertainty and changing consumer demand in the bread category.
Insights:
The stock of Flowers Foods dropped 5.3% following the earnings release, reflecting investor concerns. CEO Ryals McMullian highlighted the challenges in the bread category but expressed optimism in the company’s strategic portfolio approach.
Scaglione, with prior CFO experience at Total Wine, ODP Corp., and ABM Industries, will receive a base salary of $785,000 in his new role at Flowers Foods. He will also provide consulting services to the company before officially assuming the CFO position.
See also From meatballs to deli dominance: How a former Mondelēz exec is building a $1B food company