BusinessCompany NewsKrispy Kreme offers sweetner to new CEO

Krispy Kreme offers sweetner to new CEO

Struggling US doughnut chain Krispy Kreme has announced that it will pay its new chief executive and corporate recovery expert, Stephen Cooper, the standard hourly rate of $760 charged by his financial consulting group.

Link: Heads roll at Krispy Kreme

Krispy Kreme last week replaced former CEO Scott Livengood with Cooper, who oversaw the dismantling of Enron and is also chairman of restructuring firm Kroll Zolfo Cooper.

The company also said in a regulatory filing that it would pay Steven Panagos, its new president and chief operating officer, $695 an hour. Panagos is the head of Kroll Zolfo’s restructuring practice.

Krispy Kreme is still under informal investigation by the US Securities and Exchange Commission into its accounting irregularities, and has already warned that it may be forced to restate its 2004 pre-tax income figures by £4.3m.

‘The company is conducting discussions with the Commission staff regarding the staff’s inquiries concerning certain accounting matters, including certain of the matters giving rise to the adjustments described above,’ a statement said.

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