BusinessCompany NewsHeads roll at Krispy Kreme

Heads roll at Krispy Kreme

The chief executive of scandal-hit food chain Krispy Kreme Doughnuts has been removed from his position and replaced by a business recovery specialist, as the company fights against allegations of accounting misrepresentation.

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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