BusinessCompany NewsKrispy Kreme’s governance slammed

Krispy Kreme's governance slammed

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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