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Krispy Kreme boss to step down Krispy Kreme boss to step down
(about 20 hours later)
Krispy Kreme Doughnuts boss Daryl Brewster has resigned for personal reasons after less than two years on the job. Krispy Kreme Doughnuts boss Daryl Brewster has resigned for personal reasons after less than two years in the job.
His decision to step down comes as efforts to turn around the struggling snack food chain have stalled.His decision to step down comes as efforts to turn around the struggling snack food chain have stalled.
Investors welcomed news of Mr Brewster's resignation, sending Krispy Kreme shares up more than 10%.Investors welcomed news of Mr Brewster's resignation, sending Krispy Kreme shares up more than 10%.
Healthier eating trends have led to declining sales and widening losses at the glazed doughnut chain.Healthier eating trends have led to declining sales and widening losses at the glazed doughnut chain.
Competition from rival Dunkin' Donuts and franchisees filing for bankruptcy have also damaged Krispy Kreme.Competition from rival Dunkin' Donuts and franchisees filing for bankruptcy have also damaged Krispy Kreme.
Mr Brewster joined the firm in 2006 from Kraft Foods and will be replaced by the current chairman, James Morgan, at the end of January.Mr Brewster joined the firm in 2006 from Kraft Foods and will be replaced by the current chairman, James Morgan, at the end of January.
Under Mr Brewster's watch, Krispy Kreme has lost nearly 57% of its value - it fell as low as $2.50 a share in December.Under Mr Brewster's watch, Krispy Kreme has lost nearly 57% of its value - it fell as low as $2.50 a share in December.
In afternoon trade on Wall Street, its shares were down 9.54% at $3.10. In afternoon trade on Wall Street, its shares were up 9.54% at $3.10.