What's Sending Shares of Hostess Brands 10% Lower Today?
Shares of everyone's favorite cream-filled cakes, Hostess Brands (NASDAQ: TWNK), the second-largest producer of sweet baked goods in the United States, are down 10% Friday morning. This came a day after the announcement its chief executive officer would be retiring effective March 1, 2018, or sooner if a replacement is appointed.
Dean Metropoulos, executive chairman of the board, commented in a press release:
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 reestablished 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.
Source: Fool.com
