Krispy Kreme Doughnuts has hired a food industry veteran to take over as its president and chief executive as the country's second-largest doughnut chain tries to recover from accounting troubles.
Daryl Brewster, who will become a member of Krispy Kreme's board, previously served as president of Kraft Food Inc.'s North American snacks and cereals unit.
Stephen Cooper, the company's interim chief executive since January 2005 and chairman of turnaround firm Kroll Zolfo Cooper LLC, will remain with the company during a transition period.
Brewster has more than 20 years of experience in the industry and has been with Kraft Foods/Nabisco since 1997. From 2000 to mid-2002, Brewster served as president of Nabisco Biscuit Co., before taking on international responsibilities for Kraft and serving as president for Canada, Mexico and Puerto Rico before assuming his current role heading up the North American line in late 2003.
"Krispy Kreme has made significant strides in its turnaround and today's announcement represents yet another step forward for the company," said chairman Jim Morgan, in a statement.
The doughnut chain h as not filed earnings statements since the January 2005 removal of longtime chief executive Scott Livengood and its announcement that earnings statements for the last three quarters of the 2004 fiscal year would need to be revised.
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