Dive Brief:
- Flowers Foods, whose brands include Wonder Bread, said Tuesday that it appointed D. Anthony Scaglione, a former CFO of wine retailer Total Wine, to become its finance chief, effective Jan. 1.
- Scaglione will succeed Steve Kinsey, who will retire from Flowers at the end of the year and serve in an advisory role “for a period of time” to ensure a smooth transition, the company said in a press release.
- “Over the course of his career, Anthony has proven his ability to deliver tangible value to shareholders, and I am confident his leadership will greatly benefit Flowers' business as we continue to navigate an increasingly complex and competitive landscape,” Ryals McMullian, the company’s CEO, said in the release.
Dive Insight:
The finance leadership change comes after the food giant reported disappointing second-quarter financial results.
Net sales increased 1.5% year over year to $1.243 billion, but net income decreased 12.8% to $58.4 million, primarily due to “greater outside purchases, increased workforce-related costs, and higher interest expense,” according to results released in August. Adjusted earnings before interest, taxes, depreciation and amortization decreased 4% to $137.7 million.
The company adjusted its guidance for the full year, projecting net sales of about $5.24 billion to $5.31 billion, down from its prior estimate of $5.3 billion and $5.4 billion.
“Macroeconomic uncertainty and shifting consumer demand have continued to pressure the bread category, but our portfolio strategy has shown promise in offsetting those headwinds,” McMullian said at the time.
The company announced Kinsey’s retirement in September.
Scaglione, 53, will receive an annual base salary of $785,000 in his new role, according to a securities filing. He will also receive a cash payment of $50,000 within one week following his first day on the job.
Prior to taking the CFO seat at Flowers, Scaglione will provide consulting services at the company at a rate of $375 per hour for up to 30 hours per week from Oct. 20 through Dec. 31 under a “customary consulting agreement,” the filing said.
Scaglione served as CFO of Total Wine from September 2024 to March 2025. He has also done CFO stints at ODP Corp., a provider of office equipment for businesses, and ABM Industries, a facility services company.
