Raphael Duvivier
Chief Financial Officer at DNUT
Executive
About Raphael Duvivier
Raphael Duvivier, 42, is Chief Financial Officer of Krispy Kreme (effective July 11, 2025), after serving as President, International since January 2025; he joined the company in January 2019 and previously held roles including segment Chief Financial and Strategy Officer and Chief Development Officer. He holds a B.Sc. in Industrial Engineering from Pontifícia Universidade Católica do Rio de Janeiro and an MBA from INSEAD, and earlier held senior roles at Restaurant Brands International and Opus Investimentos . Company performance context during his leadership tenure: in 2023, Krispy Kreme delivered 10.2% net revenue growth, 11.0% Adjusted EBITDA growth, and expanded Points of Access by 19.4% ; in 2024, net revenue was $1.7B with 5% organic growth and Adjusted EBITDA of $193.5M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Krispy Kreme, Inc. | Chief Financial Officer | Jul 2025–Present | Finance leadership to support U.S. high-volume retail expansion and capital-light international franchise growth . |
| Krispy Kreme, Inc. | President, International | Jan 2025–Jul 2025 | Led international markets during transformation and expansion of global footprint . |
| Krispy Kreme, Inc. | Chief Development Officer | Jun 2023–Jan 2025 | Led global market development strategy and expansion . |
| Krispy Kreme, Inc. | Segment Chief Financial and Strategy Officer | 2019–2023 | Finance and strategy leadership for business segments during omni-channel growth . |
| Restaurant Brands International | Senior leadership roles (finance/development/operations) | Pre-2019 | Multi-region leadership at a global QSR company . |
| Opus Investimentos | Leadership positions | Pre-RBI | Early career finance/leadership roles . |
External Roles
- No public company board memberships disclosed; no related-party transactions reportable under Item 404(a) .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Notes |
|---|---|---|---|
| 2023 | 413,304 | 48% (prorated: 41% of year at 45%; 59% at 50%) | Served as Chief Development Officer; AIP prorated due to role changes . |
Performance Compensation
Annual Incentive Plan (AIP) – 2023
| Component | Threshold | Target | Maximum | 2023 Actual | Payout % |
|---|---|---|---|---|---|
| Company Net Revenue Growth | 3.6% | 9.0% | 14.5% | 10.2% | 107% |
| Company Adjusted EBITDA Growth | 0.0% | 10.1% | 16.7% | 11.0% | 108% |
| Company Points of Access | >13,100 | >13,100 | >13,100 | +19.4% | 100% |
| Market Dev. Net Revenue Growth | 1.3% | 6.6% | 12.2% | 16.6% | 128% |
| Market Dev. Adjusted EBITDA Growth | -3.9% | 3.3% | 9.9% | 24.5% | 156% |
| Market Dev. Points of Access | Target-based | Target-based | Target-based | 24.1% | 100% |
| Duvivier’s 2023 AIP Payout | 148% of target; $283,791 |
Notes and 2024 update:
- The AIP requires EBITDA threshold to fund. In 2024, company-level EBITDA and Free Cash Flow fell below threshold (despite revenue above threshold), resulting in zero AIP payout for NEOs (indicator of tight 2024 cash incentives) .
Long-Term Incentive Plan (LTIP)
| Grant Year | Vehicle | Grant Value ($) | Target/Units | Vesting | Performance Metrics |
|---|---|---|---|---|---|
| 2023 (annual) | PSUs | 150,000 | 9,869 target shares | End of 3-year period (2023–2025) | 60% ROIC, 20% Net Leverage, 20% landfill food waste reduction |
| 2023 (annual) | RSUs | 150,000 | 9,869 units | 60/20/20 on May 9, 2026/2027/2028 | Time-based retention |
| 2023 (one-time) | RSUs | 1,500,011 | 95,970 units | 100% on Dec 1, 2027 | Retention for expanded responsibilities |
| 2023 (one-time) | RSUs | 100,000 | 7,310 units | 100% on May 9, 2026 | Alignment to job level |
| 2024 (program design) | PSUs/RSUs (50/50 for NEOs) | — | — | RSUs vest 60/20/20 in Y3/Y4/Y5 | PSUs: 60% ROIC, 20% Net Leverage, 20% landfill food waste reduction |
Equity Ownership & Alignment
Outstanding Equity (as of Dec 29, 2023)
| Grant/Type | Units Unvested (#) | Vesting Schedule |
|---|---|---|
| RSUs | 8,870 | May 17, 2024 |
| RSUs | 8,873 | Nov 17, 2025 |
| RSUs | 27,701 | 60% May 16, 2025; 20% May 16, 2026; 20% May 16, 2027 |
| RSUs | 7,310 | May 9, 2026 |
| RSUs (2023 annual) | 9,869 | 60% May 9, 2026; 20% May 9, 2027; 20% May 9, 2028 |
| PSUs (2023 annual target) | 9,869 | Based on performance for period ending Dec 28, 2025 |
| RSUs (one-time) | 95,970 | Dec 1, 2027 |
Additional alignment and policies:
- Stock ownership guidelines: 3x base salary for executive officers (6x CEO); five-year compliance window. As of Dec 31, 2023, all NEOs satisfied their requirements . The company reaffirmed comparable guidelines in 2024 for executive officers .
- Hedging and pledging prohibited for directors and executive officers (no margining or pledging of company stock) .
- 2025 Form 4 activity (indicative, not exhaustive): Awards of 150,000 shares on July 14, 2025 (Form 4 “A”) ; tax-withholding transactions coded “F” around April 4, 2025 (−2,920 shares) and May 16, 2025 (−7,812 shares) as per EDGAR aggregators (withholdings to cover taxes on vesting, not open‑market sales) . Subsequent surrenders of 3,982 shares disclosed November 18, 2025 (likely tax-related) .
Employment Terms
| Provision | Terms |
|---|---|
| Employment status | Executive officer; CFO effective July 11, 2025; no Item 404(a) related-party transactions; no family relationships with directors/officers at appointment . |
| Severance (non-CEO NEO) | If involuntarily terminated (no cause), lump-sum cash equal to 12 months base salary (applies to Mr. Duvivier per 2024 disclosure) . |
| Change-in-control (CIC) equity treatment | Double-trigger: acceleration only if (i) CIC occurs and (ii) termination without cause/for good reason within 24 months, or if awards are not assumed/substituted in the CIC . |
| Clawback | Clawback policy to recover erroneously awarded incentive-based compensation following an accounting restatement (adopted/updated Oct 2023; aligned with Nasdaq Rule 5608) . |
| Hedging/pledging | Prohibited for directors/executive officers (no hedges, margining or pledging) . |
| Benefits/perquisites | Company-wide plans; in 2023 All Other Compensation disclosed for Mr. Duvivier, including allowances; no defined benefit pension or non-qualified deferred compensation plans . |
Performance & Track Record
- Company execution (context for his leadership roles): 2023 delivered 10.2% net revenue growth and 11% Adjusted EBITDA growth as omni-channel and Delivered Fresh Daily model scaled; Points of Access grew 19.4% to 14,100 . 2024 delivered $1.7B net revenue, 5% organic revenue growth and $193.5M Adjusted EBITDA while simplifying the portfolio and advancing capital-light international expansion .
- Governance and pay alignment: Say-on-pay approvals were strong (99.3% in 2023; 97.3% in 2024), suggesting investor support for compensation design .
Compensation Structure Analysis
- Mix shift toward equity and retention: 2023 one-time RSU grant ($1.5M) with a long, single-vesting date in 2027 plus annual RSUs with 5-year vesting (60/20/20 from year three) indicates retention focus and higher equity weighting versus cash .
- Performance rigor: AIP employs multiplicative payouts with minimum EBITDA threshold; PSUs emphasize ROIC and deleveraging plus sustainability (waste), increasing alignment to capital efficiency and balance sheet health .
- 2024 cash incentive downshift: Company’s 2024 AIP paid zero due to EBITDA and FCF below threshold, reducing realized cash comp for executives and heightening reliance on long-term equity .
Risk Indicators & Red Flags
- Hedging/pledging: Prohibited by policy (reduces misalignment risk) .
- Clawback in place: Restatement-based recoupment adopted/updated Oct 2023 .
- Insider trading patterns: 2025 filings show awards and tax-withholding “F” transactions; limited evidence of open-market selling to date; monitor Form 4s near vesting dates for selling pressure .
Compensation Peer Group (Program context)
- Program references consumer/restaurant peers; committee targets between 50th–75th percentile, with discretion for performance and role scope .
Say‑on‑Pay & Shareholder Feedback (Program context)
- Approval rates: 99.3% (2023) and 97.3% (2024) .
Investment Implications
- Alignment and retention: Duvivier’s equity is heavily back‑weighted with long-dated RSUs and performance shares (notably a 2027 cliff), creating meaningful retention hooks and alignment with multi‑year ROIC and deleveraging goals .
- Near-term selling pressure: Expect periodic tax-withholding “F” transactions around vesting dates; watch for any discretionary open-market sales now that he is CFO for incremental signals on confidence or liquidity needs .
- Pay-for-performance discipline: 2024 zero AIP payout indicates committee discipline and lowers cash comp; long-term value creation will flow through PSU metrics (ROIC, leverage), making execution on capital-light expansion and cash generation the key levers to Duvivier’s realized pay and investor returns .
- Governance safeguards: No pledging/hedging, robust clawback, and double‑trigger CIC vesting reduce governance risk; strong say‑on‑pay outcomes suggest limited compensation-related investor friction .