Milling & Baking News - August 30, 2016 - 13

Cosi terminates president, c.e.o.;
c.f.o. departs for new company
BOSTON - Fast-casual restaurant
company Cosi, Inc. is searching for a
new chief executive officer and chief
financial officer after the former was
terminated by the board of directors
and the latter left to accept a position
at another company.
R.J. Dourney had been president
and c.e.o. since 2014. Patrick Bennett,
a member of the board of directors, will
serve as interim c.e.o. and president
working in close conjunction with the
full board while the company conducts
a search for a permanent c.e.o.
During Mr. Dourney's tenure, Cosi
relocated its headquarters to Downtown Crossing in Boston from Deerfield, Ill., updated its menus and closed
a number of unprofitable locations.
He also merged his local franchise
group, Hearthstone Associates, into the

parent company. But the company has
continued to struggle. On Aug. 11 the
company said it lost $3 million in the
most recent quarter and that revenue
had dropped 7% in the past year.
Cosi said Mr. Bennett has "extensive
experience working with distressed
companies and building high-performance executive teams focused on delivering significantly improved results
in complex and challenging business environments, in both public and private
companies." He also has experience in
developing and executing growth strategies and multi-faceted strategic plans
to improve market share, gross revenue
and profitability, the company said.
"That experience, together with his
substantial experience in dealing with
financial markets and regulated industries, provides valuable perspective on

General Mills veteran to lead
'free-from' food company
BOULDER, COLO. - Michael
Murray has been tapped to lead
Free2b Foods L.L.C. as chief executive
officer. Boulder-based Free2b makes
chocolate products that are free from
top food allergens.
Most recently, Mr. Murray was
commercial director of the So Delicious
Dairy Free business at WhiteWave Foods
Co. From 2011 until 2015, he was vicepresident of marketing and research and
development at So Delicious Dairy Free.
During that period, the brand's annual
revenues grew to $150 million from $50
million, and the business was sold to
WhiteWave Foods. Prior to So Delicious
Dairy Free, Mr. Murray spent more than
10 years at General Mills, Inc. as a senior
brand manager with responsibilities

for the company's Larabar and Nature
Valley brands.
"I've seen and realized firsthand the
growth and value creation
potential of the allergen-free
and plant-based platforms
in food and beverage," Mr.
Murray said. "Free2b has
the right team, passion and capabilities
to lead the way in indulgent snacking
and beyond, helping people, animals
and the planet in the process."
Mr. Murray has a master's degree
in business administration from the
University of California, Los Angeles
Anderson School of Management.
Free2b Foods first introduced
Sun Cups in 2008 as an allergenfriendly alternative to peanut butter

Risser rejoins Reading Bakery
as senior project engineer
ROBESONIA, PA. - Matt Risser has
rejoined Reading Bakery Systems as a
senior project engineer. In his new position, Mr. Risser will manage the delivery
of project deliverables, with control over
project scopes, budgets and schedules.
He will report to Tremaine Hartranft,
director of engineering for RBS.
Prior to joining RBS, Mr. Risser was
a design engineer of pharmaceutical
bakingbusiness.com / world-grain.com

filling equipment with Automated
Production Systems. He also worked
as a lead engineer, and then
project engineer, for Clayton
H. Landis Co., a manufacturer of food handling and
processing equipment, structural fabrications and heavy
industry equipment. Before
joining Landis, Mr. Risser had Risser

People

strategic planning, growth initiatives
and the challenges of our business,"
Cosi said.
During the transition, Mr. Bennett
will work closely with the company's
board of directors, who will continue
to be involved and provide assistance
to management as the company continues to focus on its turnaround strategy.
Earlier, on Aug. 16, Miguel RossyDonovan, c.f.o., submitted his resignation effective Sept. 23, to accept the
position of c.f.o. at another company.
Cosi said its board has begun the
search to replace its c.f.o., and over the
course of the transition period, Mr.
Rossy-Donovan will be working closely
with the company and the board of directors to ensure the continuity of previously implemented financial and cash management systems, and the implementation of operating priorities required to
facilitate the execution of the next phase
of the company's strategic plan. MBN
cups. Featuring a sunflower seed
butter filling, varieties include dark
chocolate, milk chocolate, mint and
caramel. The brand also offers a range
of chocolate bars. Free2b operates a
dedicated facility that is free from
seven of the top eight food allergens
and is committed to becoming
a top eight allergen-free food
company by the end of the
year with the elimination of
dairy ingredients.
"Researchers estimate that nearly
40 million people, or 13% of the U.S.
population, are affected by food
allergies," said Christy Orris, chairman
of the board for Free2b Foods.
"Free2b Foods is becoming a leader
in this space, so it was imperative
that we bring on a c.e.o. who shares
our passion, understanding and
enthusiasm for making a difference
for these families." MBN
been with RBS as a project engineer.
Mr. Risser graduated from Penn State
University with a degree in mechanical
engineering and has more than 20 years
combined experience in mechanical design and project management.
"We're happy to welcome Matt
back to the Reading Bakery family," Mr. Hartranft said. "His past
experience, here and at several
other manufacturing companies,
will afford him the opportunities
to be a strong leader in our Project Management Group." MBN
Milling & Baking News XAugust 30, 2016 / 13

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Milling & Baking News - August 30, 2016

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