Corporate Profiles - 2022 - 72

COMPANY OVERVIEW
Flowers Foods, Inc.
Moving in multiple new directions in pursuit of growth
E
ven as the company continues to innovate
across its core product line of bread, rolls and
snack cakes, Flowers Foods, Inc. in 2022 took
steps to reach beyond its traditional categories.
Early in the year, Flowers introduced snack bars
under the Dave's Killer Bread name. Available in
three varieties - Cocoa Brownie Blitz, Trail Mix
Crumble and Oat-rageous honey almond - the
bars initially were test marketed in Houston at
H-E-B Markets and in Maryland/Washington at
Giant Foods stores.
The idea Flowers would look to reach beyond
the bread and snack cake aisles had been hinted
at by the company for several years. In May 2017,
the company announced a strategic imperative
to " capitalize on product adjacencies. " Numerous
potential
categories
were
identified,
including
" healthy snacking. " When A. Ryals McMullian
became chief executive officer in 2020, he restated
the company's interest in " moving into growing
adjacent segments. "
Also this year, Flowers invested in Base Culture,
a Clearwater, Fla.-based maker of better-for-you,
gluten-free and grain-free sliced bread and baked
foods. Base Culture was founded in 2012 by CEO
Jordann Windschauer. Ms. Windschauer created the
company after struggling to find natural snacks
that aligned with a paleo lifestyle. After making
products from her own home for several years,
Ms. Windschauer opened a manufacturing facility in
Clearwater. The company's products are available in
nearly 15,000 retail locations nationwide as well as
online. Base Culture offers products that are paleocertified,
gluten-free, grain-free, kosher-certified,
dairy-free, soy-free and non-GMO verified. Select
items are also keto-certified.
Flowers in September introduced a website
to gather consumer feedback on new products
designed to extend its business beyond the bread
aisle. The site, www.creationsbyflowersfoods.com,
features Nature's Own breakfast pastries and
Dave's Killer Bread protein bars and snack bars.
The site enables direct orders and delivery of trial
products. Flowers said it aims to seek real-world
consumer feedback through the site.
Significant changes in Flowers executive lineup
were announced during 2022. In June, the company
said Heeth Varnedoe, chief transformation officer of
Flowers Foods, Inc., had been named chief operating
officer, effective Jan. 1, 2023. As COO, Mr. Varnedoe
will succeed Bradley K. Alexander, who will retire at
the end of this year after 41 years with the company.
Mr. Varnedoe has been chief transformation officer
since January 2021. The position was a newly-created
role giving Mr. Varnedoe oversight of cross-functional
initiatives focused on the company's long-term
strategic plans. His initial assignment as CTO was the
company's digital and enterprise resource planning
initiative. Before his promotion to CTO he was senior
vice president of DSD regions/sales since 2017.
A well-known figure in the baking industry, Mr.
Alexander has been COO for three years and before
that was president of Flowers' Fresh Packaged
Bread Business Unit beginning in 2017. He joined
Flowers in 1981. A native of Thomasville, earlier
this year Mr. Alexander completed a term as
chairman of the American Bakers Association.
Flowers also said David M. Roach, formerly
president of cake operations, has been named chief
strategic projects officer. Tom Winters, who joined
Flowers in 2022 as chief supply chain officer, took
over from Mr. Roach responsibility for overseeing
cake operations.
While the company's Dave's Killer Bread
brand has been a focus for innovation in recent
years, Flowers in 2022 introduced two new bread
products under the Nature's Own brand. Nature's
Chief executive officer -
A. Ryals McMullian
Flowers Foods, Inc. net income
Flowers Foods, Inc. net sales
Flowers Foods, Inc. share price
per share
$165
$152
$206
$4,124
$4,388
$4,331
$22
$24
$26
$28
$30
2019
2020
2021
2019
2020
2021
Oct. Dec.
2021
Feb.
2022
April
June
Aug.
Oct.
72 \ November 2022
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