Tasty Baking Shuffles Management; Names Former Campbell Soup VP as CFO
NEW YORK - Tasty Baking Co., maker of Tastykake doughnuts, fruit pies and cookies, has named as its new CFO David S. Marberger, the former VP of finance for Campbell Soup Co.'s food and beverage division.
John M. Pettine will remain executive VP and will be responsible for executing the company's new operating initiatives for the coming year. Pettine has been at Tasty Baking for more than 30 years.
As part of the management shuffle, Tasty Baking has also named Vincent A. Melchiorre senior VP and chief marketing officer. Melchiorre was the VP of marketing for Pepperidge Farms.
David P. Kavanaugh, formerly of PricewaterhouseCoopers, LLP, will be Tasty Baking's VP, strategic planning and corporate development.
Joseph H. Bauer, VP of manufacturing, will assume responsibility for all manufacturing operations, logistics, procurement and technical services.
The company announced at the end of December that chairman Carl S. Watts retired and three executive vice presidents left the company, as it closed all 12 remaining thrift stores.
Tasty Baking's stock came under pressure following the announcement, as the company said it expected to incur a fourth-quarter pretax restructuring charge of about $4.2 million to $4.75 million for closing the thrift stores and the senior-executive departures.
In the Thursday release, CEO Charles P. Pizzi said he feels "confident that the appointment of these executives will help lead our company toward long-term profitable growth."
John M. Pettine will remain executive VP and will be responsible for executing the company's new operating initiatives for the coming year. Pettine has been at Tasty Baking for more than 30 years.
As part of the management shuffle, Tasty Baking has also named Vincent A. Melchiorre senior VP and chief marketing officer. Melchiorre was the VP of marketing for Pepperidge Farms.
David P. Kavanaugh, formerly of PricewaterhouseCoopers, LLP, will be Tasty Baking's VP, strategic planning and corporate development.
Joseph H. Bauer, VP of manufacturing, will assume responsibility for all manufacturing operations, logistics, procurement and technical services.
The company announced at the end of December that chairman Carl S. Watts retired and three executive vice presidents left the company, as it closed all 12 remaining thrift stores.
Tasty Baking's stock came under pressure following the announcement, as the company said it expected to incur a fourth-quarter pretax restructuring charge of about $4.2 million to $4.75 million for closing the thrift stores and the senior-executive departures.
In the Thursday release, CEO Charles P. Pizzi said he feels "confident that the appointment of these executives will help lead our company toward long-term profitable growth."