4 months ago
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Daniel Chong will step into the role of CEO of Honey Bun, as soon as he wraps up a $600-million project to expand the baking company’s business, replacing his mother as head of the family business that went public more than a decade ago.
The company was founded over four decades ago, in 1982, by his parents, CEO Michelle Chong and Chairman Herbert Chong, and currently churns out nearly $4 billion in annual sales.
In making the announcement of the pending succession, CEO Chong said she would move on from leadership, Herbert will remain as executive chairman, while their younger son, Dustin Chong, would also maintain his current role in marketing and distribution.
Speaking to the Financial Gleaner after the company’s annual general meeting, CEO Chong said Daniel was currently overseeing the project to develop a 60,000-square foot factory for Honey Bun at Angels, St Catherine.
“He’s knee deep in work and then (there is) the whole moving of equipment and new equipment to install. He will finish all of that before he begins to take over,” she said.
The project is expected to be completed by June. It will add a new production line, as well as more automation. The production lines at the company’s Retirement Crescent complex in Kingston will have space to expand and to be more properly utilised, CEO Chong said.
Daniel Chong is currently deputy CEO of Honey Bun and sits alongside his parents on the company’s board. In his response to the announcement, Daniel said he would uphold the mission of the company and the standards set by his mother and father in leading Honey Bun.
“I’ve learned a lot from them over many years; still learning a lot every day. I welcome this opportunity as I thank shareholders, directors, and other stakeholders for the continued support,” he said.
In its last financial year, ended September 2024, Honey Bun’s turnover climbed to a new record of $3.84 billion, up from $3.4 billion in the prior year. For the first quarter ended December 2024, net profit was down 11 per cent to $77 million, despite improved revenue that topped $1 billion in the three-month period.
English (US) ·