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Krispy Kreme , Inc. (NASDAQ:DNUT) announced today the appointment of Nicola J. Steele as the company’s new Chief Operating Officer, effective immediately. Steele, 38, will serve as the principal operating officer of the doughnut company and retailer, which generated revenue of $1.67 billion in the last twelve months. According to InvestingPro data, the company operates with an EBITDA of $122.21 million despite facing significant debt obligations.
Steele’s promotion follows a successful tenure within the company, where she most recently held the title of President and Director for Krispy Kreme subsidiaries in Australia and New Zealand from September 2023 to March 2025. Before this, she served as Chief Operating Officer from March 2022 to August 2023, and Retail Director from January 2019 to February 2022. Steele joined Krispy Kreme in October 2006 and has since climbed the ranks, starting as a crew member. She takes the helm at a crucial time, with InvestingPro analysis showing net income growth expected this year despite current challenges.
Steele’s academic background includes a Bachelor of Science degree in Psychology from Swinburne University of Technology. Her long-standing experience within the company is expected to guide her strategic operational leadership.
In her new role, Steele will receive an annual base salary of $400,000. She will also be eligible to participate in the company’s annual bonus program, with a target bonus opportunity of 70% of her base salary and a maximum of 200%. Additionally, Steele will be part of the company’s annual long-term incentive program, with a target level of $400,000 for the fiscal year 2025.
Her compensation package includes a one-time award of restricted stock units (RSUs) valued at $400,000, vesting on the third anniversary of the grant date, set for April 10, 2025. Steele will also receive relocation assistance and related allowances.
The company has confirmed that there are no reportable transactions between Steele and Krispy Kreme that would require disclosure under SEC regulations, and she has no familial ties to any of the company’s directors or executive officers.
This executive shift comes as Krispy Kreme continues to navigate the retail food industry, with Steele’s appointment reflecting the company’s commitment to leadership development and internal promotion.
The information reported is based on a press release statement filed with the Securities and Exchange Commission.
In other recent news, Krispy Kreme reported disappointing financial results for Q4 2024, with earnings per share (EPS) at $0.01, falling short of the forecasted $0.10. The company’s revenue also missed expectations, reaching $404 million compared to the anticipated $416.09 million. This earnings miss led to a significant stock decline in premarket trading. Meanwhile, Morgan Stanley (NYSE:MS) downgraded Krispy Kreme’s stock rating to Underweight, citing concerns about the company’s ability to meet its 2025 guidance and ongoing business strategy changes. Despite these challenges, Truist Securities maintained a Buy rating on Krispy Kreme, though it lowered the price target from $15 to $12, emphasizing the company’s potential for growth through its expansion plans. Krispy Kreme is actively working on expanding its partnerships, including plans to be present in approximately 6,000 McDonald’s (NYSE:MCD) locations by the end of 2025. The company also faced a cybersecurity incident, which impacted its Q4 revenue by an estimated $10 million.
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