US Doughnut retailer Krispy Kreme Doughnuts has said it has restructured its board and appointed its financial officer as chief governance officer.
The company said the decision to restructure the board followed a commitment made last year by chairman, president and CEO Scott Livengood to change the board’s composition to assure that fully independent directors comprised the majority of voting members of the board.
In a related development, the company announced the appointment of Randy Casstevens as chief governance officer. Krispy Kreme said it would begin an immediate search to replace Casstevens as chief financial officer.
The restructuring included the resignation from the board of directors of Frank E. Guthrie, Robert L. McCoy and Steven D. Smith, who will all be appointed as non-voting emeritus directors. Another Krispy Kreme franchisee and board member, Joseph A. McAleer, retired from the board.
The Company also announced the appointment of Erskine Bowles and Dr. Su Hua Newton to the board. The newly composed board is now comprised of seven independent and two inside board members.
