The chief financial officer who led
Kreme after it encountered accounting problems is leaving the
Michael C Phalen is leaving the company to return to investment banking. He
joined the company in January 2004, and saw it through accounting issues
that led to the company missing several filing deadlines and the resignation of
CEO Scott Livengood.
Phalen is replaced by the company’s chief accounting officer Douglas Muir.
‘Mike has helped lead the company through some difficult times, and we
appreciate his hard work and dedication. We wish him continued success,’ said
president and CEO Daryl Brewster.
‘Mike will hand over the chief financial officer responsibilities to a very
capable successor, Doug Muir, who has been with Krispy Kreme for the past three
Muir was ‘instrumental’ in the company getting its filings back on track, said a
Krispy Kreme statement.
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