Fred Penny, president of Bimbo Bakeries USA, retires

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Fred Penny, president of Bimbo Bakeries USA, retires

31 Mar 2023

Mari Rydings

Mari Rydings is a versatile content creator, editor and marketer with experience developing dynamic, results-driven materials for B2B and B2C audiences. As the editorial director for Avant Food Media, she leads the day-to-day editorial operations for the company’s print and digital magazines, newsletters and social media platforms. Outside of work, she loves reading, hiking, putting together jigsaw puzzles and spending time with her husband and their twin daughters.

MEXICO CITY — Fred Penny, president of Bimbo Bakeries USA (BBU), retires today, wrapping up a 40-plus year career in the baking industry. Tony Gavin was named as his successor earlier this year.

Penny began his career in baking with the Kraft Foods Inc. bakery group in a finance position and progressed through various positions of increasing responsibility. He was named director of strategic planning and productivity for Kraft Baking in 1990 and promoted to general manager of the intermountain market area in 1993. Four years later, Penny was tapped to be VP and general manager in the Northeast.

Over time, the company underwent numerous ownership changes. In 2007, Penny was promoted to EVP of George Weston Bakeries, Inc. He was an EVP of BBU when he was promoted to president in 2013.

Chief among Penny’s many accomplishments as president of BBU was his effort to create a single-company culture within an organization made up of multiple companies, including Sara Lee, Weston and Mrs Baird’s.

“During his leadership, BBU focused and upgraded its manufacturing operations, invested in sales systems and automation across the supply chain, and made important strategic acquisitions to position the business for future success,” said Daniel Servitje, president and CEO of Grupo Bimbo. “Through this work, as well as advances in safety; diversity, equity and belonging; and sustainability, BBU has become an important player in the industry.”

Penny has always been an active member of the baking industry and served as chair of the American Bakers Association from 2016-2018.

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