Angela Yochem
About Angela Yochem
Angela Yochem, age 54, is Krispy Kreme’s Chief Information and Technology Officer (since March 2025) and previously served as Chief Information Officer (December 2023–March 2025). She was EVP Chief Transformation & Digital Officer at Novant Health (2018–2023) and held CIO/CTO roles at Rent-A-Center, BDP International, AstraZeneca, and Dell. She serves as an Independent Director for Zurich Insurance Company’s North American subsidiaries (audit committee). Yochem holds a B.A. in Music (DePauw University) and an M.S. in Computer Science (University of Tennessee) . Company performance context: FY2024 net revenue was $1.7B and Adjusted EBITDA was $193.5M, with organic revenue growth of 5% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Novant Health | EVP Chief Transformation & Digital Officer | 2018–2023 | Led large-scale digital and transformation initiatives; multi-industry CxO experience |
| Rent-A-Center; BDP International; AstraZeneca; Dell | CIO/CTO leadership roles | Not disclosed | Built differentiated technological capabilities at scale |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Zurich Insurance Company’s North American subsidiaries | Independent Director; Audit Committee | Not disclosed | Governance and audit oversight |
Fixed Compensation
No Yochem-specific base salary or bonus detail is disclosed. Company-wide program design for executive officers (illustrated via NEOs for 2024) includes base salary reviewed annually and an annual bonus (AIP) with target and maximum payout caps; AIP payouts ranged from 0%–200% of target depending on results, with 2024 AIP paying 0% companywide due to failing the Adjusted EBITDA threshold .
Performance Compensation
2024 incentives emphasize pay-for-performance with balanced short- and long-term metrics.
Annual Incentive Plan (AIP) — 2024
| Metric | Threshold | Target | Maximum | Actual Result | Payout |
|---|---|---|---|---|---|
| Net Revenue Growth (%) | 4.0% | 6.1% | 10.0% | Above threshold | 0% (plan paid 0% due to EBITDA gate) |
| Adjusted EBITDA Growth (%) | 4.0% | 8.9% | 14.0% | Below threshold | 0% (gate not met) |
| Free Cash Flow ($mm) | $7.5 | $15.0 | $35.0 | Below threshold | 0% (gate not met) |
Payout matrix caps total AIP payout at 200%; gating requires Adjusted EBITDA ≥ threshold for any payout .
Long-Term Incentive Plan (LTIP) — Structure and Metrics
| Instrument | Performance/Vesting | Metric/Weighting | Mechanics |
|---|---|---|---|
| Performance Shares (PSUs) | 3-year performance (FY2024–FY2026) | ROIC 60%; Net Leverage Ratio 20%; Landfill food waste reduction 20% | 0%–200% of target; linear interpolation; certified post-period |
| RSUs | Time-based vesting | 60% at 3rd anniversary; 20% at 4th; 20% at 5th anniversary | Extended vesting for retention and alignment |
Stock Ownership Guidelines and Clawbacks
| Provision | Detail |
|---|---|
| Ownership Guidelines | CEO: 6× base salary; other executive officers: 3×; five-year phase-in; includes unvested RSUs and earned PSUs (excludes unearned PSUs and options) |
| Compliance Status | All NEOs met requirements as of FY2024 year-end |
| Clawback Policy | Recoup erroneously awarded incentive-based comp for 3 completed fiscal years preceding a restatement due to material noncompliance with financial reporting requirements; effective Oct 2, 2023 |
| Hedging/Pledging | Prohibited for directors and executive officers; also bans margining and short sales |
Equity Ownership & Alignment
- Beneficial ownership by Yochem is not disclosed in the proxy’s individual table; the executive-and-director group owned 3.0% collectively as of April 10, 2025 . “All executive officers and directors as a group (19 Persons)” totaled 5,065,599 shares (3.0%) .
- Anti-hedging and anti-pledging policies eliminate misalignment risks; strict clawback policy supports pay integrity .
- Extended RSU vesting (60/20/20 over 3/4/5 years) and 3-year PSU cycles reinforce retention and long-term focus .
Employment Terms
| Topic | Angela Yochem (CITO) | Company Policy Reference |
|---|---|---|
| Employment Agreement | Not specifically disclosed; Company generally does not enter into individual agreements except CEO | CEO has at-will agreement; other executives covered by plan policies |
| Severance (no CIC) | Not disclosed | NEOs: CEO 24 months base + COBRA value; other NEOs 12 months base + COBRA value (AIP at target included in cash estimates) |
| Change-in-Control (CIC) | Double-trigger equity vesting (termination without cause/by executive for good reason within 24 months of CIC, or awards not assumed) | Applies under Omnibus and legacy LTIP plans |
| Death/Disability | Full acceleration of RSUs/NSOs; PSUs remain subject to performance criteria | Plan terms |
| Retirement | Pro rata vesting after age 60 and 5 years of service; none of NEOs were retirement eligible as of FY2024 year-end | Plan terms |
Compensation Committee Analysis
- Remuneration & Nomination Committee members: Chair Marissa Andrada; Paul Michaels; Gerhard Pleuhs; all independent under Nasdaq rules .
- Independent consultant FW Cook; peer group used for benchmarking (targets typically between 50th–75th percentile, subject to performance and other factors) .
- 2024 say-on-pay approval: 97.3% support, indicating shareholder alignment with program .
Compensation Peer Group (FY2024)
| Peer Companies |
|---|
| Bloomin’ Brands (BLMN); Cheesecake Factory (CAKE); Chipotle (CMG); Domino’s (DPZ); Dutch Bros (BROS); Jack in the Box (JACK); Monster Beverage (MNST); Papa John’s (PZZA); Restaurant Brands Intl (QSR); Shake Shack (SHAK); Sweetgreen (SG); Texas Roadhouse (TXRH); The Wendy’s Company (WEN); YETI (YETI); Yum! Brands (YUM) |
Performance & Track Record
| Measure | FY2024 | Notes |
|---|---|---|
| Net Revenue ($) | $1.7B | Company highlights include business simplification (Insomnia Cookies divestiture), U.S. logistics outsourcing steps, and international franchise expansion |
| Adjusted EBITDA ($) | $193.5M | AIP paid 0% for 2024 due to EBITDA gate miss; underscores discipline |
| Net Income ($) | $3.8M (driven by Insomnia Cookies divestiture) | One-time gains reflected |
Say-on-Pay & Shareholder Feedback
| Year | Approval (%) |
|---|---|
| 2024 | 97.3% |
Risk Indicators & Governance Safeguards
- Clawback policy updated October 2023 for restatements; three-year lookback for incentive-based compensation .
- Hedging and pledging prohibited; minimal perquisites; no CIC excise tax gross-ups; double-trigger vesting only .
- Insider Trading Policy restricts speculative transactions; reinforces alignment .
Investment Implications
- Alignment and retention: Extended RSU vesting (60/20/20 over 3/4/5 years) plus multi-year PSU metrics (ROIC/Leverage/Waste) signal strong long-term retention and alignment for technology leadership roles like Yochem’s .
- Discipline: Zero AIP payout for 2024 due to EBITDA gate miss evidences stringent pay-for-performance enforcement, limiting windfalls absent bottom-line growth .
- Governance quality: Anti-hedging/pledging, robust clawback, and double-trigger CIC treatment reduce misalignment and event-driven windfall risk .
- Benchmarking: Use of a broad, relevant consumer and restaurant peer set and independent consultant oversight mitigates pay inflation and enhances external competitiveness .
Note: Yochem-specific cash compensation, equity grant quantities, and Form 4 insider trading data are not disclosed in the proxy. All programmatic details above apply to executive officers broadly, with 2024 quantitative examples drawn from NEO disclosures and company-wide plans .