Krispy Kreme Doughnuts, Inc. (NYSE: KKD) announced today the appointment of Stephen E. Gorman as President, North America. Mr. Gorman will be responsible for all store operations in North America, including both company-owned and franchise stores.
Mr. Gorman comes to Krispy Kreme after five years at Northwest Airlines, Inc., where he most recently held the position of Executive Vice President of Technical Operations and Flight Operations. In that capacity he supervised a work force of approximately 18,000 people, with responsibility for all aircraft maintenance operations, pilot operations, operations planning and control, dispatch and flight simulator operations.
Immediately before coming to Northwest Airlines, Mr. Gorman held a variety of positions of increasing responsibility over nine years at Aviall, Inc., a major provider of third party aviation services. During his last three years there, Mr. Gorman was charged with complete P&L responsibility for a $300 million third party engine overhaul business. Mr. Gorman also led a family- owned printing and publishing business for five years prior to joining Aviall. Mr. Gorman holds a bachelor’s degree in business administration as well as an MBA from Bradley University. He began his career with Ford Motor Company.
In commenting on the appointment, Scott Livengood, Krispy Kreme’s Chairman, CEO and President said, “I am gratified that Steve will be joining Krispy Kreme. As a recognized leader in his industry, Steve has spent his career focusing on improving systems and processes in order to enhance and enrich the customer experience. As our company continues to grow in size and complexity, I believe that the timing is perfect for Krispy Kreme to benefit from someone with both the scope and scale of Steve’s experiences.”
Mr. Gorman added, “As a long time fan and customer, I have followed Krispy Kreme’s success closely. I am thrilled with the opportunity to join this exciting, entrepreneurial company and with the opportunity to connect with customers and employees at a closer, more personal level.”
The 64-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 192 stores in 31 states.
Krispy Kreme can be found on the World Wide Web at www.krispykreme.com.
Information 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 periodic reports, proxy statement and other information statements filed with the Securities and Exchange Commission.
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