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Diamond Foods Names Former Hostess Chief Brian Driscoll President, CEO

Posted On: 5/10/2012

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snack food industry, Pringles deal, Diamond Foods Inc., Pringles, Procter & Gamble, Hostess Brands, Brian J. Driscoll, Diamond president snack-food industry

SAN FRANCISCO -- Diamond Foods Inc. has appointed former Hostess Brands chief executive Brian J. Driscoll as its new president and chief executive. In February, the snack-food company fired its former chief executive and CFO on administrative leave during a internal accounting investigation. | SEE STORY

Rick Wolford, a Diamond Foods director and former chief executive of Del Monte Foods, has been serving as interim chief executive while the company conducted a search for a permanent replacement for ousted chief executive Michael Mendez.

Driscoll, 53, has 30 years of experience with food and consumer businesses, including service as Hostess Brands chief executive since June 2010. He has also held positions at Kraft Foods Inc., Nabisco, Nestlé SA and Procter & Gamble Co. He will join Diamond's board.

In February, Diamond Foods said it would restate financial results for the past two years, after an internal probe found payments to walnut growers had been booked in the wrong periods.

The accounting shakeup was blamed for ending Diamond Food's $2.35 billion deal to buy the Pringles brand from Procter & Gamble Corp. Kellogg Co. ultimately agreed to buy the Pringles business after the Diamond deal was called off. | SEE STORY