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Krispy Kreme, Inc. (DNUT) is a global sweet treat company renowned for its iconic doughnuts and other baked goods. The company operates through a unique Hub and Spoke model, ensuring fresh daily delivery of its products to various retail and ecommerce channels. Krispy Kreme's offerings include its signature Original Glazed doughnuts, a variety of other sweet treats, and products from its Insomnia Cookies brand.
- U.S. Segment - Operates company-owned Krispy Kreme shops, Insomnia Cookies bakeries, and Delivered Fresh Daily (DFD) operations, which distribute fresh doughnuts to retail and third-party locations.
- International Segment - Manages company-owned operations in regions such as the U.K., Ireland, Australia, New Zealand, and Mexico, delivering Krispy Kreme products through retail and ecommerce channels.
- Market Development Segment - Oversees franchise operations globally and company-owned operations in Japan and Canada, expanding the brand's reach through partnerships and local adaptations.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Angela Yochem Executive | Chief Information Officer | Independent Director at Zurich Insurance Company’s North American subsidiaries | Joined DNUT in Dec 2023; extensive experience in digital transformation and technology leadership. | |
David Skena Executive | Chief Brand Officer | None | Joined DNUT in Nov 2018; promoted to Chief Brand Officer in Mar 2022; led brand awareness and omni-channel strategies. | |
Javier Rancaño Lassala Executive | President, U.S. | None | Joined DNUT in May 2023; oversees U.S. market and Global Operations Excellence; prior experience at Taco Holding and Yum! Brands. | |
Jeremiah Ashukian Executive | EVP and CFO | None | Joined DNUT in Jan 2023; extensive finance experience at Mars, Inc.; holds CPA and CMA certifications. | |
Josh Charlesworth Executive | President and CEO | None | Joined DNUT in 2017; promoted to CEO on Jan 1, 2024; previously CFO and COO; led global expansion and omni-channel strategy. | View Report → |
Kelly McBride Executive | Chief Accounting Officer | None | Joined DNUT in June 2022; promoted to CAO in May 2023; previously VP, Global Corporate Controller; CPA-certified. | |
Raphael Duvivier Executive | Chief Development Officer | None | Joined DNUT in Jan 2019; promoted to Chief Development Officer in June 2023; oversees global market development strategy. | |
Sherif Riad Executive | Global Chief Supply Chain Officer | None | Joined DNUT in Aug 2021; promoted to current role in Jan 2024; extensive supply chain experience in FMCG and QSR industries. | |
Terri Zandhuis Executive | Chief People Officer | Vice Chair of Make-A-Wish Central & Western North Carolina; Trustee at Cannon School | Joined DNUT in Aug 2017; oversees HR and people strategy; prior experience at AOL and eBay Enterprise. | |
David Bell Board | Director | Board Member at Panera Bread, JAB Holding, NVA Management LLC | Joined DNUT Board in Sep 2016; Senior Partner at JAB Holding; extensive financial and strategic expertise. | |
David Deno Board | Director | CEO and Board Member at Bloomin’ Brands | Joined DNUT Board in Sep 2016; CEO of Bloomin’ Brands since Mar 2019; extensive leadership in food and beverage industry. | |
Debbie Roberts Board | Director | EVP and COO at Panera Bread; Board Member at RLI Insurance Company | Joined DNUT Board in Apr 2021; extensive management experience in food and beverage industry; former McDonald’s executive. | |
Gerhard Pleuhs Board | Director | Board Member at JDE Peet’s, Keurig Dr Pepper | Joined DNUT Board in Jun 2022; former EVP and General Counsel at Mondelez International; expertise in governance and compliance. | |
Marissa Andrada Board | Director | None | Joined DNUT Board in Feb 2022; extensive HR leadership experience at Chipotle, Starbucks, and GameStop. | |
Michelle Weese Board | Director | EVP of Corporate Affairs at Novartis AG | Joined DNUT Board in Dec 2020; extensive corporate affairs experience at Bristol Myers Squibb, Danone, and Mars, Inc.. | |
Olivier Goudet Board | Chairman of the Board | Board Member at JDE Peet’s, Pret A Manger, Keurig Dr Pepper, Coty, Panera Brands, Bally International, NVA, Sages S.A.S. | Chairman of DNUT since May 2017; Senior Investment Advisor at JAB Holding; extensive leadership in consumer goods. | |
Patricia Capel Board | Director | Partner at JAB Holding; Board Member at JDE Peet’s, Panera Brands | Joined DNUT Board in Apr 2021; extensive experience in global consumer products and governance. | |
Paul Michaels Board | Director | Manager at Cribb Investments; Board Member at Keurig Dr Pepper | Joined DNUT Board in May 2017; former CEO of Mars, Inc.; extensive experience in global brand management. | |
Philip Telfer Board | Director | None | Joined DNUT Board in Sep 2022; extensive financial management experience at Mars, Inc. and Jardine Matheson Group. |
- Given the unexpected $3 million in vehicle accident claims and higher logistics costs impacting margins this quarter, what specific measures are you implementing to mitigate these costs, and how confident are you that these issues won't recur in the future?
- Your adjusted EBITDA margin declined significantly in the U.S. segment due to increased start-up costs from the accelerated McDonald's rollout and underperformance in the U.K. How do you plan to improve margins while managing the complexities of rapid expansion?
- With the acceleration of the McDonald's rollout leading to increased start-up costs and margin pressure expected into the first half of 2025, how are you balancing growth with profitability, and what are your expectations for margin improvement as the rollout progresses?
- Considering the challenges in the U.K. market, including consumer trends and regulatory changes leading to underperformance, what strategic actions are you taking to turn around performance, and how does this impact your overall international growth strategy?
- After the sale of your majority stake in Insomnia Cookies and the shift towards a more capital-light franchise model internationally, how do these changes affect your long-term growth plans, and are there considerations to divest other equity-owned international markets?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Awesome Doughnut, LLC | 2024 | Krispy Kreme increased its ownership from 70% to 100% by purchasing all noncontrolling interest units for a total cash consideration of $32.9 million, financed through a structured payables program maturing within 180 days of August 20, 2024. |
Krispy Kreme Shops (U.S. and Canadian Franchise Shops) | 2024 | The acquisition, closed on July 15, 2024, involved nine U.S. and one Canadian franchise shop for approximately $31.6 million, supporting the company’s omni-channel strategy with assets valued at $39.5 million and resulting in $9.9 million of goodwill. |
Franchisee with Seven Krispy Kreme Shops | 2022 | In Q3 Fiscal 2022, Krispy Kreme acquired seven U.S. shops (with one under construction) for a total of $19.4 million, including cash, seller payable reserved for indemnification, and settlement amounts. |
Six U.S. Midwest Franchise Shops Acquisition | 2022 | Signed on August 5, 2022, this acquisition of six existing shops and one under construction for approximately $18.5 million aims to expand Krispy Kreme’s omni-channel strategy, promising immediate margin accretion and moderate short-term leverage impact, with future potential for over 100 Delivered Fresh Daily Doors. |
Recent press releases and 8-K filings for DNUT.
- Krispy Kreme has nominated a refreshed slate of directors, including Bernardo Hees, Patrick Grismer, Easwaran Sundaram, and Gordon von Bretten, to support its ongoing transformation efforts.
- Bernardo Hees is expected to chair a new Strategy and Operating Committee, reinforcing the company’s focus on profitable U.S. expansion and capital-light international growth.
- The nominations will be subject to a shareholder vote at the Annual Meeting on June 17, 2025, finalizing a nine-member board slate.