HORSHAM, PA. — Fred Penny, the president-designate of Bimbo Bakeries USA, has been in the baking industry for 33 years, most recently as executive vice-president of B.B.U.
Mr. Penny’s pending promotion was announced Feb. 22 by Daniel Servitje, chief executive officer of Grupo Bimbo S.A.B. de C.V. Effective June 1 he will succeed Gary Prince, who will become a senior vice-president of parent Grupo Bimbo.
Mr. Penny holds a bachelor’s degree in business administration from Long Island University and a master’s degree in finance from N.Y.U. He launched his baking career in a finance position with the bakery group of Kraft Foods Inc., and Mr. Penny advanced through a number of positions of growing responsibility through the 1980s. During the 1980s and in the years that followed, the business changed ownership several times. In 1990, he was named director of strategic planning and productivity for Kraft Baking and was promoted to general manager of the Intermountain market area in 1993, based in Denver. Four years later he became vice-president and general manager in the Northeast.
He was promoted to executive vice-president of George Weston Bakeries, Inc. in 2007.
Mr. Prince, in his new role, will focus on strategy and corporate development for B.B.U. and certain projects for Grupo Bimbo internationally.
In a formal statement issued a few days after the conference call, Mr. Servitje reiterated that the change is part of a planned transition.
“Consistent with our succession plan, Gary and I have determined that this is the right time to transition the presidency to Fred,” Mr. Servitje said. “I am confident in Fred’s ability to lead B.B.U. and thrilled that Gary’s passion for this business continues. I look forward to working with both of them to build on the work we started four years ago.”
According to Bimbo, both Mr. Prince and Mr. Penny will be focused on leading B.B.U. toward “executing on its main priorities and reaching Grupo Bimbo’s 2015 Vision.”“I am very excited about the future I see for B.B.U.,” Mr. Penny said. “As I prepare to lead this business, I am mindful of the solid foundation that has been laid, appreciative of the clarity of our vision and energized by the opportunities before us.”