Gregory F. Rayburn
| Gregory F. Rayburn | |
|---|---|
| Born | 1959 (age 57–58) |
| Nationality | American |
| Alma mater | University of Alabama |
| Occupation | Former CEO of Hostess Brands |
Gregory F. Rayburn (born 1958) is an American businessman and one of the country's most experienced turnaround experts. He formerly served as Chairman and CEO of Hostess Brands.
After receiving an undergraduate and master of arts degree in Accounting from the University of Alabama in 1982, he became a partner for Corporate Recovery Services at Arthur Andersen until 1994. From 1996 to 1998, Rayburn was CEO of Piece Goods Shops, a Winston-Salem, North Carolina, chain with 318 stores that had gone into bankruptcy in 1991. Under Rayburn the company was sold to Mae's Fabrics.
Rayburn went on to become CEO of Sunterra Resorts, which had previously entered bankruptcy in 2001, from 2002 to 2003. Sunterra successfully avoided liquidation and emerged from bankruptcy in July 2002. It became Diamond Resorts International.
From 2003 to 2004, he served as Chief Restructuring Officer (CRO) of Worldcom at a time when it changed its name from Worldcom to MCI. The company eventually emerged from bankruptcy in 2004 and subsequently was purchased by Verizon Communications. After leaving MCI, Rayburn was CRO of AAIPharma Services Corp. in Wilmington, North Carolina from 2004 to 2005 . The company had run into trouble in a scandal over its accounting practices in 2004 and went into bankruptcy in 2005 after selling its pharmaceutical division to Xanodyne.
Between 2005 and 2006, Rayburn was CEO of Muzak, which was struggling at the time. He failed to turn the company around, and was replaced by Steve Villa who made an unsuccessful attempt to merge Muzak with DMX Music. The company eventually went into bankruptcy in 2009, three years after Rayburn left.
From 2009 to 2010, Rayburn was CEO of thoroughbred horse raising company Magna Entertainment which was in bankruptcy. After Magna Entertainment, Rayburn was CEO of New York City OTB from 2010 to 2011. Following the New York Senate rejection of his plans for a turnaround, he shut down the city's OTB operation. From 2011 to 2012, Rayburn was CRO of the Indiana Downs race track which morphed into the Indiana Grand Casino racino.
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