Shares in CoolBrands have more than doubled after the frozen dessert maker appointed a new chief executive and reconstructed its board in a management shuffle designed to aid the company’s financial recovery.

The company revealed on Friday (17 November) that co-chairman and chief executive David Stein was stepping down to facilitate a deal with a group led by co-chairman Michael Serruya to buy US$21.7m in debt of its bankrupt joint venture Americana Foods.

Shares increased by 51% yesterday, rising to a value of $1.03, and continued to gain value in morning trade today, increasing by a further 4.85% to $1.08 at time of press.