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Diving overview:
- Flowers Foods, whose brands include Wonder Bread, said Tuesday that it has named D. Anthony Scaglione, former CFO of wine retailer Total Wine, as chief financial officer, effective Jan. 1.
- Scaglione succeeds Steve Kinsey, who is retiring from Flowers at the end of the year and will serve in an advisory role “for a period of time” to ensure a smooth transition, the company said in a news release.
- “Throughout his career, Anthony has demonstrated the ability to deliver real value to shareholders. I am confident that his leadership will greatly benefit Flowers’ business as we continue to navigate an increasingly complex and competitive environment,” Ryals McMullian, the company’s CEO, said in a press release.
Dive Insights:
The change in financial leadership comes after disappointing second-quarter results for the food giant, which focuses on bakery products such as buns, buns and cakes.
Results released in August showed net sales rose 1.5% year over year to $1.243 billion, but net profit fell 12.8% to $58.4 million. This was primarily due to “increased external purchases, higher labor-related costs, and higher interest expenses.” Adjusted earnings before interest, taxes, depreciation and amortization decreased 4% to $137.7 million.
The company adjusted its full-year guidance, projecting net sales of approximately $5.24 billion to $5.31 billion, down from previous estimates of $5.3 billion and $5.4 billion.
“Macroeconomic uncertainty and changing consumer demand continue to put pressure on the bread category, but our portfolio strategy has shown promise in offsetting these headwinds,” McMullian said at the time.
According to an article published by Yahoo Finance, Flowers’ stock price fell 5.3% to $15.70 immediately after the results.
The company first announced Kinsey’s retirement in September. He’s leaving. This comes after more than 30 years with the company, including the past 18 years as CFO.
Scaglione, 53, will earn an annual base salary of $785,000 in his new role, according to a securities filing. He will also receive a $50,000 cash payment within a week of his first day on the job.
Before taking on the position of Flowers CFO, Scaglione will provide The filing says the company will provide consulting services at a rate of $375 per hour for up to 30 hours per week from Oct. 20 to Dec. 31 under a “customary consulting agreement.”
Scaglione served as CFO of Total Wine from September 2024 to March 2025. He also served as CFO at ODP Corp., a supplier of enterprise office equipment, and ABM Industries, a facilities services company.
