Twinkies Maker Hostess Preparing for...

Twinkies Maker Hostess Preparing for Chapter 11- Will they beat Kodak?

Posted in the Rochester Forum

Patrick

Rochester, NY

#1 Jan 10, 2012
Common Cents

Rochester, NY

#3 Nov 18, 2012
Gee, look at that 11 months ago we KNEW!!!!

Hostess has had Bankruptcy issues since 2004 (during Dumbya Bush)
In March 2012, Brian Driscoll resigned from his position as CEO of Hostess. Gregory Rayburn, who had been hired and named Chief Restructuring Officer only nine days earlier, assumed the leadership position. Fortune reported that unions within the organization had been unhappy with Driscoll's proposed parachute compensation package of $1.5 million, plus cash incentives and a $1.95 million "long term compensation" package. Additionally, the court had discovered that Hostess executives had received raises of up to 80% the year prior.

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