Krispy Kreme Doughnuts, Inc. (Nasdaq: KREM) announced today that John Tate will join the Company on November 1 as Chief Financial Officer and President of the Company’s Manufacturing and Distribution Division, which supplies its stores with proprietary doughnut mix and equipment. Tate will work closely with Paul Breitbach, age 62, who currently holds the position, as Breitbach transitions toward retirement.
Tate, 50, comes to Krispy Kreme from Williams-Sonoma where he has served as Senior Vice President and Chief Financial Officer. Williams-Sonoma is the premiere home furnishings lifestyle retailer with sales this year of approximately $1.8 billion. There he focused largely on upgrading the financial reporting and information technology infrastructure to support Sonoma’s rapid growth and new concept introductions. After beginning his career as a pilot in the U. S. Airforce, Tate worked primarily with consumer product companies such as PepsiCo, Sara Lee Corporation and Dole Food Company. He has held a variety of financial and general management roles and is broadly experienced in both the U.S. and international marketplace. While at Dole Food Company, Tate presided over the establishment of a robust infrastructure to support new businesses and markets, first as Chief Financial Officer of Europe and later as Corporate CFO.
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“We are extremely pleased that John will be joining our management team. It is important that we bring world-class talent into the organization to support the continued growth of Krispy Kreme. I believe that John’s breadth of experience, both financially and operationally, will add significant value to the Company. In addition, his international experience will be a tremendous asset when we begin to expand globally,” commented Scott Livengood, Chairman, CEO and President.
Regarding his new role at Krispy Kreme, Tate said, “Most of us have been touched by this magical brand at some time in our lives. Their talented and visionary management team has transformed Krispy Kreme into an early-stage growth company with enormous upside potential. The opportunity to participate with this team in crafting a global brand with explosive growth prospects was irresistible.”
The 63-year-old North Carolina-based company is a leading branded specialty retailer of premium quality doughnuts, including the company’s signature Hot Original Glazed. Krispy Kreme currently operates more than 150 stores in 27 states.
Krispy Kreme can be found on the World Wide Web at http://www.krispykreme.com.
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By GlobalDataInformation contained in this press release, other than historical information, may be considered forward-looking in nature and is subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on Krispy Kreme’s operating results, performance or financial condition are its dependence on franchisees to execute its store expansion strategy, supply issues, competition and numerous other factors discussed in Krispy Kreme’s S-1 Registration Statement, declared effective on April 4, 2000, that is on file with the Securities and Exchange Commission.
