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The hard-working staffers at Krispy Kreme stores regularly refresh the cabinets holding delicious doughnuts. Now the Charlotte-based company’s boardroom is getting refreshed in a big way, according to an SEC filing Wednesday.
Krispy Kreme has nominated four new members, including Bernardo Hees, who will chair a strategy and operating committee. The other nominees are Patrick Grismer, Easwaran Sundaram and Gordon von Brettan. Six current directors were not nominated for reelection: Olivier Goudet, David Bell, Paul Michaels, Debbie Roberts, Philip Telfer and Michelle Weese.
Such changes in corporate boards are unusual, suggesting someone isn’t happy with results at Krispy Kreme, which has lost nearly three-quarters of its market value since its 2021 public offering. That someone is likely London-based holding company JAB, whose holdings also include Panera Bread, Keurig Dr Pepper and perfume company Coty. Among the departing directors is Goudet, a former CEO of JAB.
The company’s annual meeting takes place June 17. Krispy Kreme shares closed Friday at $4.48, after trading between $3.91 and $13.25 in the past year. Shares are down about 65% in the past year.
Hees is a former CEO of Kraft Heinz, Burger King and H.J. Heinz, and executive chair of Avis Budget Group. He is an operating partner at London-based Cranemere Holdings Group, which manages $3 billion in shareholder equity. He’s on the board of directors of Bunge Global and Avis Budget Group.
“Welcoming Bernardo to our board at a pivotal time for Krispy Kreme will be invaluable as we seek to maximize shareholder value through our two largest growth opportunities: profitable U.S. expansion and capital-light international growth,” said Josh Charlesworth, Krispy Kreme CEO, in a release. “Establishing a Strategy and Operating Committee that leverages Bernardo’s experience will support me and my team as we strive to drive operational and financial success.”
Grismer retired as Starbucks chief financial officer in May 2021. He has been board chair of Panera Bread since September 2022. He was previously CFO of Hyatt Hotels and YUM! Brands. He also held leadership positions at The Walt Disney Company.
Sundaram formerly served as chief digital and technology officer at JetBlue.
Von Bretten is currently a senior partner at JAB. Before joining JAB in April 2024, he served as chief transformation officer of Coty, where he is a director.
Author: staff report
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