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CHARLOTTE - Krispy Kreme, Inc. (NASDAQ:DNUT) announced Thursday that Raphael Duvivier, currently serving as President, International, will take over as Chief Financial Officer effective July 11, 2025. Duvivier will replace Jeremiah Ashukian, who is leaving to pursue an opportunity with a private company. The leadership change comes as the company, with annual revenue of $1.6 billion, faces financial challenges. According to InvestingPro analysis, Krispy Kreme operates with a significant debt burden and currently trades below its Fair Value.
Duvivier has been with Krispy Kreme since 2019, holding various leadership positions including segment Chief Financial and Strategy Officer, International, and Chief Development Officer. Before joining Krispy Kreme, he worked at Restaurant Brands International Inc. (NYSE:QSR) and Opus Investimentos, accumulating over 20 years of experience in finance, strategy, and operations.
"Raphael has been a respected leader at Krispy Kreme for over six years, and his deep understanding of the Company coupled with his strong finance background will enable a smooth transition," said Josh Charlesworth, Krispy Kreme CEO, according to the company’s press release.
The doughnut chain also announced that Chief Product Officer Alison Holder has been promoted to Chief Brand and Product Officer, effective the same date. Holder, who has been with Krispy Kreme for over 25 years, will now oversee the company’s global marketing initiatives. She replaces Chief Growth Officer David Skena, who is also departing the company.
Krispy Kreme operates in more than 40 countries through its network of doughnut shops, retail partnerships, and digital business. The company stated it remains focused on U.S. expansion through high-volume retail points of distribution and capital-light international franchise growth.
In other recent news, Krispy Kreme announced the termination of its partnership with McDonald’s, effective July 2, 2025. The decision was made as the business model was deemed financially unviable for Krispy Kreme, despite meeting McDonald’s expectations. This partnership had extended Krispy Kreme doughnuts to approximately 2,400 McDonald’s restaurants. Additionally, Krispy Kreme has sold its remaining stake in Insomnia Cookies for $75 million, with plans to use the proceeds for debt reduction. This move marks the company’s complete exit from its investment in Insomnia Cookies, aligning with its strategy to focus on U.S. expansion and international franchise growth.
Analysts have also weighed in on Krispy Kreme’s recent developments. JPMorgan downgraded the company’s stock rating from Overweight to Neutral, citing underperformance and strategic shifts, including the paused expansion in McDonald’s locations. Evercore ISI adjusted its price target for Krispy Kreme shares to $3, down from $9, maintaining an In Line rating. The revision reflects concerns about delayed product rollouts and profitability uncertainties. Krispy Kreme aims to enhance its financial position by shifting towards a third-party distribution model and improving cash flow.
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