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Diamond Foods Appoints Former Kraft Executive Driscoll as CEO

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Diamond Foods Appoints Former Kraft Executive Driscoll CEO
Diamond Foods Inc., the producer of Diamond walnuts and Kettle Chips is looking to rebuild its balance sheet after saying in February that the company reported certain costs in the wrong quarters and that it would need to restate earnings. Photographer: Daniel Acker/Bloomberg

May 7 (Bloomberg) -- Diamond Foods Inc., the snack company planning to restate two years of earnings, appointed Brian J. Driscoll chief executive officer as it works to strengthen its balance sheet.

Driscoll, who also will be president and a company director, was CEO of Hostess Brands Inc. until March, San Francisco-based Diamond said today in a statement. He spent 15 years at Nabisco and Kraft Foods Inc., which acquired the biscuit maker. Driscoll, 53, also worked at Procter & Gamble Co.

The producer of Diamond walnuts and Kettle Chips is looking to rebuild its balance sheet after saying in February that the company reported certain costs in the wrong quarters and that it would need to restate earnings. The snack maker replaced CEO Michael Mendes and its chief financial officer and now is trying to repair the business.

Diamond rose 5.1 percent to $22.27 at the close in New York. The shares have fallen 31 percent this year.

To contact the reporter on this story: Duane D. Stanford in Atlanta at dstanford2@bloomberg.net

To contact the editor responsible for this story: Robin Ajello at rajello@bloomberg.net

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