Krispy Kreme Doughnuts, Inc.’s board of directors has elected Daryl G. Brewster to president and CEO, effective immediately.
Brewster, who recently worked as president of Kraft’s North American Snacks & Cereals sector, will replace Stephen F. Cooper who served as Krispy Kreme’s CEO on an interim basis since January.
A 23-year veteran of the food business, Brewster worked for Kraft Foods/Nabisco since 1997. As the head of Kraft’s North American snacks & cereals sector, Brewster oversaw divisional revenue of more than $6 billion. Previously, he took on international responsibilities for Kraft as president for Canada, Mexico and Puerto Rico. Prior to that, Brewster served as president of the Nabisco Biscuit Co. from 2000 to 2002.
Brewster’s arrival comes as Krispy Kreme attempts to restructure. Krispy Kreme hit difficult times over the last year when it ousted longtime CEO Scott Livengood after unveiling a host of accounting problems and investigations by several regulatory bodies, including an investigation by the Securities and Exchange Commission (Xtra, Jan. 5, 2005).
The board hired Cooper, chairman of Kroll Zolfo Copper, LLC (KZC)—a firm Krispy Kreme retained to work as the company’s financial advisor and interim management consultant—to turn around its operation. Cooper will remain with Krispy Kreme during the transition period and work as its chief restructuring officer, the company said.
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