US doughnut maker Krispy Kreme has announced the appointment of Michael Phalen as chief financial officer, effective 5 January 2004.

The company has been looking for a new CFO since April, when it appointed Randy Casstevens chief governance officer. Casstevens has been carrying out the duties of CFO since his appointment, but has now decided to resign from the company, which he joined in 1993.

Phalen joins Krispy Kreme from CIBD World Markets, where he served as an executive director of corporate finance.

The company also named Sherry Polonsky senior vice president, finance. Polonsky was promoted from vice president, finance, reported Dow Jones.