MEXICO CITY — More than a month earlier than the company said the leadership transition would occur at Bimbo Bakeries USA, Fred Penny has been elevated to the position of president.
In February, Grupo Bimbo S.A.B. de C.V. announced Mr. Penny would succeed Gary Prince as president of B.B.U., effective June 1. In the transcript of the April 26 Bimbo conference call, Mr. Penny was listed as president, rather than the executive vice-president title he held previously. A company spokesperson confirmed Mr. Penny is now president of B.B.U., describing what has transpired as “just a smooth transition running slightly ahead of schedule.”
In the February announcement, Bimbo said that with the transition, Mr. Prince going forward would be senior vice-president of Grupo Bimbo, reporting to Daniel Servitje, chief executive officer. The spokesperson confirmed Mr. Prince is in his new position as well.