Krispy Kreme appoints new CFO

The chief financial officer who led
Krispy
Kreme after it encountered accounting problems is leaving the
company.

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
years.’
Muir was ‘instrumental’ in the company getting its filings back on track, said a
Krispy Kreme statement.

Further reading:

Krispy Kreme misses
December filing deadline

Krispy Kreme in a hole over late
accounts

Sticky situation for Krispy Kreme
Doughnuts