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4-Traders Homepage  >  Equities  >  Nasdaq  >  Diamond Foods, Inc.    DMND

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Diamond Foods names ex-Hostess chief as CEO

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05/07/2012 | 10:45pm CET

Diamond Foods Inc (>> Diamond Foods, Inc.) tapped food and beverage industry veteran Brian Driscoll as its new CEO to lead turnaround efforts after an accounting scandal tarnished the company's reputation and claimed the jobs of its top management.

Diamond Foods Inc (>> Diamond Foods, Inc.) tapped food and beverage industry veteran Brian Driscoll as its new CEO to lead turnaround efforts after an accounting scandal tarnished the company's reputation and claimed the jobs of its top management.

Driscoll replaces interim chief Rick Wolford, who will remain on the company's board, said Diamond Foods, maker of Pop Secret popcorn and Kettle chips.

Driscoll was chief executive of Hostess Brands Inc, known for its Twinkies and Wonder Bread, from June 2010 until March. The company filed for bankruptcy in January, after failing to reach an agreement with workers on pension and health benefits.

Driscoll previously held managerial positions at Nestle SA (>> Nestle SA) and Kraft Foods Inc (>> Kraft Foods Inc), after starting his career in 1980 at Procter & Gamble Co (>> The Procter & Gamble Company).

Driscoll, whose appointment is effective Tuesday, will also join Diamond's board.

Diamond removed its CEO and CFO in February after a probe by its audit committee found that the company improperly accounted for payments to walnut growers. (Reporting by Mihir Dalal in Bangalore; Editing by Saumyadeb Chakrabarty)

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