THOMASVILLE, Ga., March 7,
2023 /PRNewswire/ -- The board of directors of
Flowers Foods, Inc. (NYSE: FLO) today announced that A. Ryals
McMullian has been elected as the next chairman of the board,
effective immediately following the 2023 annual meeting of
shareholders. George E. Deese,
current chairman of the board, will retire from the chairman role
at that time. Deese will continue to serve as a director following
the annual meeting of shareholders.
"We are pleased to announce the election of Ryals as chairman of
the board of Flowers Foods," commented Benjamin H. Griswold, IV, presiding director of
Flowers' board. "His insights and keen business acuity have added
tremendous value to the board since he joined in 2019. We look
forward to his leadership as Flowers continues to strengthen its
competitive position, deliver results, and enhance shareholder
value during its transformation to a national branded food
company.
"On behalf of the entire board, we are extremely grateful for
George's leadership and the strategic direction he has provided for
the last 17 years as chairman of the board. Flowers has benefitted
greatly from his extensive experience, outstanding judgment, and
highest level of integrity – which have helped guide the company to
deliver outstanding sales and earnings results."
Additionally, Benjamin H. Griswold,
IV has announced that he will retire from the company's
board of directors following the expiration of his current term.
Griswold, partner and chairman of Brown Advisory and retired Senior
Chairman of Deutsche Bank Securities, has served as a director of
Flowers Foods since 2005 and currently serves as presiding
director, chair of the nominating/corporate governance committee
and member of the compensation and human capital committee.
The board has elected Thomas C. Chubb,
III to serve as presiding director and chair of the
nominating/corporate governance committee, effective immediately
following the annual meeting of shareholders.
"Flowers has been fortunate to have Ben
Griswold as a board member for the past 18 years," said
George E. Deese, Flowers Foods'
chairman of the board. "We are deeply appreciative of his many
contributions and thank him for his valuable financial acumen and
unwavering commitment to strong corporate governance, which have
benefited our company and the board of directors. We are pleased to
have Ben's insights and expertise through the remainder of his term
as a director and wish him all the best following his retirement
from the board.
"The board has been actively engaged in succession planning for
many years, and the changes announced today are part of the board's
long-term board refreshment and leadership transition plan. The
board has the utmost confidence in Ryals and Tom, both of whom were
unanimously elected to their new positions."
"I am honored to be elected as the upcoming chairman and
sincerely thank the entire board for their trust and confidence,"
said Ryals McMullian, president and CEO of Flowers Foods. "I would
also like to personally thank George for his steadfast guidance and
valuable insights. I look forward to continuing to work closely
with him and the entire board as chairman."
Ryals McMullian has served as a member of Flowers Foods' board
since August 2019 and was elected
president and CEO of Flowers in May
2019. Prior to that election, he served in a number of
senior leadership roles for the company, including chief operating
officer, chief strategy officer, deputy general counsel, and vice
president of mergers and acquisitions. He joined Flowers Foods in
2003.
Tom Chubb, chairman, chief
executive officer and president of Oxford Industries, Inc., has
served as a member of the Flowers Foods' board since 2020.
About Flowers Foods
Headquartered in Thomasville, Ga., Flowers Foods, Inc. (NYSE:
FLO) is one of the largest producers of packaged bakery foods in
the United States with 2022 sales
of $4.8 billion. Flowers operates
bakeries across the country that produce a wide range of bakery
products. Among the company's top brands are Nature's Own,
Dave's Killer Bread, Wonder, Canyon Bakehouse, and
Tastykake. Learn more at www.flowersfoods.com.
FLO–CORP FLO–IR
Forward-Looking Statements
Statements contained
in this release and certain other written or oral statements made
from time to time by Flowers Foods, Inc. (the "company", "Flowers
Foods", "Flowers", "us", "we", or "our") and its representatives
that are not historical facts are forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Forward-looking statements relate to current expectations regarding
our future financial condition and results of operations and are
often identified by the use of words and phrases such as
"anticipate," "believe," "continue," "could," "estimate," "expect,"
"intend," "may," "plan," "predict," "project," "should," "will,"
"would," "is likely to," "is expected to" or "will continue," or
the negative of these terms or other comparable terminology. These
forward-looking statements are based upon assumptions we believe
are reasonable. Forward-looking statements are based on current
information and are subject to risks and uncertainties that could
cause our actual results to differ materially from those projected.
Certain factors that may cause actual results, performance,
liquidity, and achievements to differ materially from those
projected are discussed in our Annual Report on Form 10-K for the
year ended December 31, 2022 (the
"Form 10-K") and Quarterly Reports on Form 10-Q filed with the
Securities and Exchange Commission ("SEC') and may include, but are
not limited to, (a) unexpected changes in any of the following: (1)
general economic and business conditions; (2) the competitive
setting in which we operate, including advertising or promotional
strategies by us or our competitors, as well as changes in consumer
demand; (3) interest rates and other terms available to us on our
borrowings; (4) supply chain conditions and any related impact on
energy and raw materials costs and availability and hedging
counter-party risks; (5) relationships with or increased costs
related to our employees and third-party service providers; (6)
laws and regulations (including environmental and health-related
issues); and (7) accounting standards or tax rates in the markets
in which we operate, (b) the ultimate impact of the COVID-19
pandemic and future responses and/or measures taken in response
thereto, including, but not limited to, new and emerging variants
of the virus and the efficacy and distribution of vaccines, which
are highly uncertain and are difficult to predict, (c) the loss or
financial instability of any significant customer(s), including as
a result of product recalls or safety concerns related to our
products, (d) changes in consumer behavior, trends and preferences,
including health and whole grain trends, and the movement toward
less expensive store branded products, (e) the level of success we
achieve in developing and introducing new products and entering new
markets, (f) our ability to implement new technology and customer
requirements as required, (g) our ability to operate existing, and
any new, manufacturing lines according to schedule, (h) our ability
to implement and achieve our environmental, social, and governance
goals in accordance with regulatory requirements and expectations
of stakeholders, suppliers, and customers; (i) our ability to
execute our business strategies which may involve, among other
things, (1) the ability to realize the intended benefits of planned
or contemplated acquisitions, dispositions or joint ventures, (2)
the deployment of new systems (e.g., our enterprise resource
planning ("ERP") system), distribution channels and technology, and
(3) an enhanced organizational structure, (j) consolidation within
the baking industry and related industries, (k) changes in pricing,
customer and consumer reaction to pricing actions (including
decreased volumes), and the pricing environment among competitors
within the industry, (l) our ability to adjust pricing to offset,
or partially offset, inflationary pressure on the cost of our
products, including ingredient and packaging costs; (m) disruptions
in our direct-store-delivery distribution model, including
litigation or an adverse ruling by a court or regulatory or
governmental body that could affect the independent contractor
classifications of the independent distributor partners, (n)
increasing legal complexity and legal proceedings that we are or
may become subject to, (o) labor shortages and turnover or
increases in employee and employee-related costs, (p) the credit,
business, and legal risks associated with independent distributor
partners and customers, which operate in the highly competitive
retail food and foodservice industries, (q) any business
disruptions due to political instability, pandemics, armed
hostilities (including the ongoing conflict between Russia and
Ukraine), incidents of terrorism, natural disasters, labor strikes
or work stoppages, technological breakdowns, product contamination,
product recalls or safety concerns related to our products, or the
responses to or repercussions from any of these or similar events
or conditions and our ability to insure against such events, (r)
the failure of our information technology systems to perform
adequately, including any interruptions, intrusions, cyber-attacks
or security breaches of such systems or risks associated with the
planned implementation of the upgrade of our ERP system; and (s)
the potential impact of climate change on the company, including
physical and transition risks, availability or restriction of
resources, higher regulatory and compliance costs, reputational
risks, and availability of capital on attractive terms. The
foregoing list of important factors does not include all such
factors, nor necessarily present them in order of importance. In
addition, you should consult other disclosures made by the company
(such as in our other filings with the SEC or in company press
releases) for other factors that may cause actual results to differ
materially from those projected by the company. Refer to Part I,
Item 1A., Risk Factors, of the Form 10-K and subsequent filings
with the SEC for additional information regarding factors that
could affect the company's results of operations, financial
condition and liquidity. We caution you not to place undue reliance
on forward-looking statements, as they speak only as of the date
made and are inherently uncertain. The company undertakes no
obligation to publicly revise or update such statements, except as
required by law. You are advised, however, to consult any further
public disclosures by the company (such as in our filings with the
SEC or in company press releases) on related subjects.
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SOURCE Flowers Foods, Inc.