Krispy Kreme Unveils Wholesale Management Changes

Troubled doughnut and coffee retailer Krispy Kreme Inc. named turnaround expert Stephen F. Cooper as chief executive ,succeeding incumbent Scott Livengood, who will step down amid growing accounting problems at the chain, based here. In addition, James H. Morgan was elected chairman, and Steven G. Panagos was named president and chief operating officer. Panagos is a member of the management team at Cooper's firm of Kroll Zolfo Cooper. Over the past year, Krispy Kreme, which had developed a fanatical following for its doughnuts, has been bruised by slumping sales and probes into its accounting practices and repurchases of its franchised territories. Earlier this year, Krispy Kreme said that it will restate its fiscal 2004 results. Livengood has served as the chain's chief executive since 1998.The company said that he would remain on a consulting basis.