WINSTON-SALEM, N.C. (AP) — Struggling doughnut maker Krispy Kreme Doughnuts Inc. on Monday named Chairman James H. Morgan president and chief executive.
He replaces Daryl G. Brewster, who resigned for personal reasons. Brwester will stay with Krispy Kreme until the end of the month and will help with Morgan's transition, the company said.
Morgan, 60, will remain chairman, a position he has held since January 2005. He has been a board member since July 2000. Morgan founded investment management company Covenant Capital LLC, where he was chairman and chief investment officer.
Krispy Kreme, which sold its first glazed doughnut in 1937, has been hurt by allegations of misconduct by former management, healthier eating trends, bankruptcy filings by several of its franchisees and competition from larger rival Dunkin' Donuts.
