Hostess names CEO to steer through bankruptcy
NEW YORK (AP) - March 9, 2012 (WPVI) -- Hostess Brands says it named a new CEO to steer the company through its Chapter 11 bankruptcy reorganization.
The Irving, Texas-based maker of Twinkies and Wonder Bread says Gregory F. Rayburn replaces Brian Driscoll, whose resignation is effective immediately.
Rayburn joined Hostess as chief restructuring officer in February and will now oversee the company's overall strategy and negotiations with its union.
Hostess filed for Chapter 11 bankruptcy in January, nearly three years after its predecessor emerged from bankruptcy proceedings.
The company has struggled with growing health concerns, increased competition and rising labor costs.
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