Beleaguered US doughnut maker and retailer Krispy Kreme has said it is to pay its newly appointed chief executive, Stephen Cooper, US$760 per hour.

Cooper, chairman of financial consultancy firm Kroll Zolfo Cooper, was appointed CEO of Krispy Kreme last week, replacing Scott Livengood.

The company also said it will pay its new president and chief operating officer, Steven Panagos, head of Kroll Zolfo Cooper’s restructuring business, at the rate of $695 per hour, reported Reuters.

The latest appointments are part of an attempt to turn around the fortunes of the doughnut company, which has suffered weak sales amid the fierce popularity of low-carbohydrate diets in the US. The company is also facing a probe by the US Securities and Exchange Commission (SEC) relating to its accounting.