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CHARLOTTE, N.C. - Krispy Kreme, Inc. (NASDAQ: DNUT) announced the nomination of a new slate of directors, including seasoned executive Bernardo Hees, to join its Board of Directors and chair the newly formed Strategy & Operating Committee. The election of the board members will take place at the company’s Annual Meeting on June 17, 2025.
Bernardo Hees, with a 25-year leadership background in consumer, logistics, and food retail sectors, is known for his former CEO roles at Kraft Heinz, Burger King Worldwide, and H.J. Heinz Corporation. His nomination is part of Krispy Kreme’s strategy to drive profitable U.S. expansion and capital-light international growth. Hees has also invested in Krispy Kreme’s common stock, signaling his confidence in the company’s growth potential.
Joining Hees as nominees for the board are Patrick Grismer, Easwaran Sundaram, and Gordon von Bretten, each bringing a wealth of experience from their respective fields. Grismer’s finance expertise spans roles at Starbucks, Hyatt Hotels, and YUM! Brands, while Sundaram adds technology and supply chain experience from his time at JetBlue and Pall Corporation. Von Bretten, a Senior Partner at JAB Holding Company, brings experience as the former Chief Transformation Officer of Coty Inc.
Current directors Josh Charlesworth, Marissa Andrada, Patricia Capel, David Deno, and Gerhard Pleuhs will stand for reelection. The refreshed board is expected to support Krispy Kreme’s operational and financial success, with CEO Josh Charlesworth emphasizing the value of the new committee in driving disciplined global expansion and operational efficiency. This leadership transition comes at a crucial time, as InvestingPro data reveals the company operates with a significant debt burden and faces short-term liquidity challenges, with a current ratio of 0.36. Subscribers to InvestingPro can access 12 additional key insights about DNUT’s financial health and growth prospects.
Olivier Goudet, David Bell, Paul Michaels, Debbie Roberts, Philip Telfer, and Michelle Weese were not nominated for reelection. Charlesworth expressed gratitude for the outgoing directors’ guidance, which was instrumental in the company’s global expansion and consistent organic growth.
Krispy Kreme, headquartered in Charlotte, N.C., operates in 40 countries and is renowned for its Original Glazed® doughnut. The company aims to touch and enhance lives through the joy that is Krispy Kreme. With a market capitalization of $735 million and analysts expecting profit growth this year, investors seeking detailed insights can access comprehensive analysis through InvestingPro’s exclusive Research Report, part of its coverage of over 1,400 US stocks.
This announcement is based on a press release statement by Krispy Kreme, Inc. The company will provide further details in the proxy materials to be filed with the U.S. Securities and Exchange Commission in connection with the solicitation of proxies for the Annual Meeting.
In other recent news, Krispy Kreme announced its market entry into Brazil, marking a significant step in its international expansion strategy. The company plans to open its first store in São Paulo through a joint venture with AmPm, Brazil’s largest convenience store chain. This expansion is expected to create around 100 direct jobs initially, with more to follow as the company grows its presence in the region. Meanwhile, Krispy Kreme’s financial outlook has seen adjustments from several analyst firms. JPMorgan reduced the price target for the company’s shares to $8.00 from $13.00, maintaining an Overweight rating, while Morgan Stanley downgraded the stock to Underweight and lowered its price target to $6.00. Truist Securities also revised its price target to $12 from $15 but kept a Buy rating, citing Krispy Kreme’s ongoing expansion plans. Additionally, Krispy Kreme appointed Nicola J. Steele as the new Chief Operating Officer, highlighting the company’s focus on leadership development from within. These developments come amidst Krispy Kreme’s efforts to strengthen its partnerships with major retailers, including McDonald’s and Walmart, to enhance its market reach.
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