- Push-out Score suggests push-out forces
- After almost four years on the job
- Accolades, praise and thanks for Toler
- Search for a successor
- Toler said 49 words
(exechange) — Kansas City, Missouri, October 12, 2017 — Bill Toler, chief executive of Hostess Brands, leaves. As announced by Hostess Brands, Inc. in a news release and in a regulatory filing published on Thursday, October 12, 2017, William Douglas (Bill) Toler leaves the post as Chief Executive Officer at the bakery company after almost four years on the job, effective March 1, 2018 or sooner if a replacement is appointed.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 9 years, according to data compiled by exechange.
Hostess Brands will undertake a search for a successor.
No reason given
In the announcement, Hostess Brands did not explicitly explain the reason for Toler’s move, opening the door for speculation.
Precise information about the future plans of Toler was not immediately available.
Hostess Brands said: “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.”
Share price decline
The change follows a decline in the share price of Hostess Brands, Inc. since July 2017.
Chaired by Dean Metropoulos
Hostess Brands, Inc. is chaired by Dean Metropoulos.
Metropoulos has served as the Executive Chairman of certain subsidiaries of Hostess and member of the Hostess board since 2013.
On the job as CEO since 2014
Toler has served as the Company’s President and Chief Executive Officer since the consummation of the Business Transaction and served in the same capacity at Hostess Brands, LLC since April 2014.
He brings more than 30 years of consumer packaged goods industry experience to the Company.
Prior to joining Hostess Brands, LLC, he worked as an operating partner at Oaktree Capital from October 2013 to April 2014.
Prior to that, he served from September 2008 to September 2013 as the Chief Executive Officer of AdvancePierre Foods, Inc., a leading supplier of value-added protein and hand-held convenience products to the food service, school, retail, club, vending and convenience store markets.
Prior to joining AdvancePierre, Toler was President of Pinnacle Foods from July 2005 to September 2008.
He has also held key positions at ICG Commerce, Campbell Sales Company, Nabisco, Reckitt & Colman and Procter & Gamble.
As a general rule, when a top leader announces to step aside with no successor available, it is a sign that the change was unplanned and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Bill Toler’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 42.2017 ($).