Krispy Kreme stock had risen 21% at close of trading yesterday (7 March) after the troubled doughnut maker announced the appointment of Daryl Brewster, formerly of Kraft, to the position of president and CEO.
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Brewster, who served as president of Kraft’s US$6bn North America snacks and cereals sector, will replace Stephen Cooper, who has acted as Krispy Kreme CEO on an interim basis since January 2005. Cooper will remain with the company during an interim transition period, filling the position of chief restructuring officer.
“I am honored to be joining Krispy Kreme at this very important time in the company’s history,” said Brewster. “Krispy Kreme has made steady progress in its turnaround and I am confident that it has a solid future of growth and profitability. I look forward to working together with the company’s dedicated and talented employees and franchisees to ensure that Krispy Kreme realises its full potential as one of the nation’s most well-known and beloved brands.”
Shares of Krispy Kreme soared $1.32, to close at $7.71 on the New York Stock Exchange. The stock, which traded at nearly six times its average volume, had dropped as low as $3.91 in the past year.
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