US fastfood chain Krispy Kreme Doughnuts has awarded its chairman and CEO Scott A. Livengood a 20% increase in his salary, according to a filing with the Securities and Exchange Commission (SEC).

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Forty-nine year old Livengood will now collect US$450,000 for his work at the Winston-Salem, NC–based company during the fiscal year ended 3 February. His bonus was also increased by 4% to US$714,751 and he was awarded options to acquire 582,800 shares with exercise prices between US$15.13 and US$31.93 each.


In the SEC filing, the compensation panel of Krispy Kreme’s board insisted that Livengood was worth the money, which reflected the “significant value created by [his] leadership”.


Net income at the company increased 79% over the past fiscal year to US$26.4m, or 45 cents a share.

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