The U.S. Bankruptcy Court on Friday approved changes to the board of directors of bankrupt Interstate Bakeries Corp.

The Kansas City, Mo.-based company, which makes Twinkies and Wonder Bread, and its creditors last week asked the court to approve a settlement that includes plans for a board with fewer members and a reserved spot for a new chief executive officer.

Now, with the court’s approval, the board will have seven members rather than nine. Four board members will remain and five will lose their positions. Two new members will be appointed.

The last position will go to the next CEO.

New member appointees David Pauker and Terry Peets join the board immediately. Leaving the board are Interstate Bakeries Chairman Leo Benatar, Frank Horton, G. Kenneth Baum, Ronald Thompson and Richard Metrick.

New additions Pauker and Peets join members Robert Calhoun, a board member since 1991, and Michael Anderson, a member since 1998. The two other remaining members are William Mistretta and David Weinstein.

Pauker, an associate with Goldin Associates in New York, is chief restructuring officer of Refco, a commodities and futures broker that filed for bankruptcy last year. Peets is chair of World of Kitchen LLC.