Heads roll at Krispy Kreme

Link: Krispy Kreme restates 2004 figures

Stephen Cooper, who has previously restructured Enron and is chairman of the New York-based Kroll Zolfo Cooper, replaced Scott Livengood after the company finally bowed to pressure for a management shake-up. He will be joined by Steven Panagos, also from Kroll, who has been appointed president and chief operating officer.

Krispy Kreme is being investigated by the Securities and Exchange Commission over alleged misrepresentations in its accounts and is also the subject of shareholder lawsuits.

The company has already admitted that its 2004 pre-tax income figures may have to be restated by as much as £4.3m.

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