Industry News | September 17, 2007

Kahala•Cold Stone Names New Chief Executive Officer

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Kahala•Cold Stone today announced that Kevin Blackwell, founder of Kahala Corp., will now serve as Chief Executive Officer in addition to his role as chairman of the board. In addition, the Kahala•Cold Stone board of directors exercised an option of the merger agreement to end their relationship with company CEO, Doug Ducey.

Details of the agreement were not disclosed.

“This is a change of direction. After the merger I thought I wanted to slow down, but I realized that I want to remain active in the day-to-day operations,” says Kevin Blackwell. “Doug has done an incredible job with the Cold Stone brand and the merger of our two companies. It is something I intend to build on.”

Doug Ducey, former CEO of Cold Stone Creamery and Kahala-Cold Stone, offered the following media statement: “Today I announce my departure as CEO of Kahala-Cold Stone. With the agreement of the board I believe this is the best time to step aside. The merger continues to make tremendous sense for stakeholders, employees, and customers. My energies and skills were completely invested in making this merger and new company a success. I am proud of what has been built with the Cold Stone brand and continue to believe the merger can bring cost-savings to the Franchisee Community along with opportunities to grow revenue. I will miss these people and this place tremendously."

As announced on May 10, 2007, Kahala•Cold Stone was formed through the combination of Kahala Corp., a leading franchiser, developer, and marketer of quick-service restaurants and Cold Stone Creamery®, the fastest-growing ice cream concept in the United States.

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