John Tate, Chief Financial Officer of Krispy Kreme Doughnuts, Inc. Joins Montana Mills Board of Directors
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ROCHESTER, N.Y.–(BUSINESS WIRE)–Nov. 19, 2001–Montana Mills Bread Co. (“Montana Mills” or the “Company”) today announced that John W. Tate will join its Board of Directors.
Mr. Tate is Chief Financial Officer of Krispy Kreme Doughnuts, Inc. (NYSE:KKD – news).
“I’m honored that John decided to join our team,” said Montana Mills President, Gene O’Donovan. “His extensive experience and leadership accomplishments will be a huge benefit as we continue to deal with the challenges of accelerated growth and move Montana Mills towards a national rollout.”
Montana Mills, a five year old privately held Rochester, New York based chain of bakery bread stores, currently operates 26 retail locations.
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By GlobalData“I’m excited by the challenge,” said Mr. Tate. “In a short space of time Montana Mills has built a strong brand as well as a tradition of innovation not usually seen in a company this size. I’m looking forward to helping the Company move towards a regional, and ultimately, a national theater.”
In addition to serving as Krispy Kreme’s CFO, Mr. Tate also serves as President of KKM & D, Krispy Kreme’s Equipment Manufacturing and Distribution Division. Prior to joining Krispy Kreme in October 2000, Mr. Tate served as Senior Vice President and Chief Financial Officer of Williams-Sonoma, Inc., a home furnishing lifestyle retailer, since July 1999. From November 1997 until July 1999, Mr. Tate served as Corporate Chief Financial Officer for Dole Food Company Inc. He also served from January 1993 to November 1997, in two Senior Vice President, Chief Financial Officer positions for Dole in Europe and Northern California. Mr. Tate held a variety of financial and general management positions with Ryder System Inc. from May 1986 until December 1992.
Montana Mills bakes over 80 varieties of bread from scratch in its stores and follows an open baking format where all the baking is performed in full view of the customers. This includes hand kneading each loaf and grinding the private label “Montana Wheat”. All the breads, which include flavors such as “Cinnamon Swirl”, “Jalapeno Cheddar Corn”, “Cranberry Orange”, “Spinach Feta”, “Potato Cheddar Chive” and “Blueberry Cobbler”, are baked without any added fats and have no preservatives, sugar or eggs. Most breads have no cholesterol and many have no fat. The product offering also extends to muffins, cookies, scones and other baked goods. In addition to baked goods the Company has recently added an upscale coffee component through its acquisition of the nationally trademarked Java Joe’s brand.
The Company currently operates 26 retail locations in Upstate New York, Pittsburgh and Erie, Pennsylvania, and Columbus, Ohio. The Company’s revenues have grown at a compound annual growth rate of over 70% each year for the last 3 years.
“Attracting an individual of John’s caliber and national stature in the retail industry is very exciting for us,” said O’Donovan. “And his experience with high end and fast growing retail chains will be a huge asset to our company.”
In addition to its retail stores Montana Mills also operates a mail order catalog and ships bread and baked goods nationally. The Company also operates an e-commerce website – MontanaMills.com.
