CEO Departure Hurts Hostess

(RTTNews) - Hostess Brands Inc. (TWNK) has announced that its Chief Executive Bill Toler will retire in March. Shares of the Twinkie-maker is currently down over 10 percent on the surprise news.

Hostess said Toler would retire March 1 or sooner if a replacement is appointed. Meanwhile, Toler will remain on the 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."

Metropoulos will expand his duties as Executive Chairman as necessary to ensure continuity of leadership.

In July 2016, Toler had taken Hostess public again giving the company a value of about $2 billion.