Krispy Kreme Doughnuts, Inc. (NYSE: KKD – News; the “Company”) announced that its Board of Directors has elected the company’s Chairman of the Board, James H. Morgan to the additional positions of president and CEO, due to the resignation of CEO Daryl Brewster. Morgan’s election is not an interim appointment, and it is anticipated that he will serve as President and CEO for the foreseeable future.
Morgan has been a director of the company since July 2000 and was elected Chairman of the Board in January 2005. Morgan brings more than 25 years of management experience to the Company, including his most recent role as chairman and chief investment officer of Covenant Capital, LLC, an investment management firm which he founded. Previously, Morgan served as chairman and CEO of Interstate/Johnson Lane, an investment banking and brokerage firm, which was acquired by Wachovia Corporation in 1999. After the acquisition, Morgan served as Chairman and Chief Executive Officer of Wachovia Securities, Inc.
Morgan has replaced Daryl G. Brewster, the Company’s outgoing president and CEO, who has resigned from the company for personal reasons. Brewster will remain as an employee of the Company until the end of January and be available to assist in the transition.
Morgan commentes, “On behalf of the Company, I would like to express our appreciation to Daryl for his efforts on behalf of Krispy Kreme. We wish him well in his future endeavors.” He addes, “I look forward to my expanded role with Krispy Kreme and to working with the company’s management team and transformed Board of Directors to address the current challenges that face us as well as ongoing opportunities.”
