Krispy Kreme Doughnuts Inc. (Winston-Salem, N.C.) has hired a new ceo. Daryl Brewster had been head of the North American snacks and cereals business for Kraft Foods Inc. (Northfield, Ill.).
Shares of the struggling company jumped 21 percent following the announcement.
“This is an intriguing opportunity,” said Brewster. “There is just something magical about this brand.” But he was not willing to say how profitability could be achieved. “The strategy at this point is to understand the business, and listen,” he said. He said he planned to visit many of the franchises in coming weeks.
“There are opportunities to sell the coffee product and doughnuts throughout the day,” he said. “There is an afternoon treat opportunity and an evening treat opportunity.”