Servitje names successor to Prince at B.B.U.
Feb. 25, 2013
by Josh Sosland
MEXICO CITY – Fred Penny, executive vice-president of Bimbo Bakeries USA, will become president of the company effective June 1. Daniel Servitje, president and chief executive officer of Grupo Bimbo S.A.B. de C.V., announced Mr. Penny’s pending promotion on Feb. 22.
The announcement came at the end of prepared comments by Mr. Servitje during a conference call with investment analysts in connection with Bimbo’s financial results for 2012.
“I want to end by sharing with you that Fred Penny, starting in June 1, will become the new president of B.B.U., and Gary Prince, who has served as head of the U.S. operation over the past four years, will become senior vice-president of Grupo Bimbo, reporting directly to me,” Mr. Servitje said. “We wish both Fred and Gary all the best in their new responsibilities.”
In response to questions from an analyst, Mr. Servitje suggested Mr. Prince was looking to reduce his involvement in day-to-day management of B.B.U., the nation’s largest wholesale baking company.
“Gary has been in the industry for over 40 years, and he wants more time to focus on family and himself,” Mr. Servitje said. “And, we believe that he has a lot to offer to (the team), and he will be engaged more specifically in strategic work in the U.S. and internationally. And, it's going to be more a strategic role than a day-to-day operation role that is the one that he has been having.
“And, Fred, who has also a lot of experience in the industry, more than 29 years in the industry, and is one of the executive vice presidents of B.B.U., will lead the company, starting at June 1. This is a planned change and one that we believe will strengthen our capabilities in the U.S. and allow us to move forward in our talent (succession) program.”