Krispy Kreme's governance slammed
Committee slams Krispy Kreme for failing to meet financial obligations, but praises current bosses for attempts to remedy problems
Committee slams Krispy Kreme for failing to meet financial obligations, but praises current bosses for attempts to remedy problems
US doughnut-maker Krispy Kreme failed to meet its financial and reporting
obligations to the US markets – a series of errors that were ‘critical’ in a
corporate culture of exceeding projected earnings, a special committee decided
today.
The company has restated its accounts after it was found to have overstated
earnings by $25.6m (£14.3m), and the committee has held former executives Scott
Livengood and John W Tate as bearing ‘primary responsibility’.
The committee praised the efforts of the company’s current directors for
providing ‘a foundation upon which the company can rebuild public confidence and
trust’.
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