Krispy Kreme exodus has hole in the middle
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Manufacturing News, Source : The Manufacturer US
Published : 22 Jun 2005 19:15
Confection maker Krispy Kreme Doughnuts announced the departure of six company executives, for reasons that remain mysterious.
The company did not name the executives, five of whom resigned and one of whom retired. The company also did not give any reasons why a Krispy Kreme company committee advised their ouster.
Among the executives are four senior vice presidents, responsible for operations, finance, business development, and manufacturing and distribution.
Stephen F. Cooper was recently named CEO of Krispy Kreme this past January, replacing Scott A. Livengood, who retired as chairman of the board, president and chief executive officer and as a director of the company. Steven G. Panagos was named president and chief operating officer. Cooper is the chairman and Panagos is a managing director of Kroll Zolfo Cooper, which Krispy Kreme has retained to be its financial advisor and interim management consultant. Cooper has more than 30 years' experience leading companies through operational and financial restructurings. He has acted as interim CEO, president and chief restructuring officer of Enron.
Krispy Kreme has weathered many setbacks recently, including lawsuits, declining sales, and regulatory investigation. The company currently operates 435 stores, comprised of 399 factory stores and 36 satellites, in 45 US states, Australia, Canada, Mexico, and the United Kingdom.
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