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Key Takeaways
- Krispy Kreme said Thursday that its current CFO is leaving for another job, with international president Raphael Duvivier set to take over the job next week.
- The doughnut maker reported declining sales in May, and recently ended its partnership with McDonald’s amid profitability concerns.
- Shares have lost roughly two-thirds of their value since the start of the year.
Krispy Kreme (DNUT) has a new top financial executive, as the struggling doughnut maker said that its current president of international operations Raphael Duvivier will take over as CFO next week.
Duvivier will replace Jeremiah Ashukian, who Krispy Kreme said has decided to leave the company to take a job at an undisclosed private company.
The move comes amid recent challenges for Krispy Kreme, which in its latest quarterly report in May posted declining sales and said it would pause its quarterly dividend as it sought “greater financial flexibility.”
Krispy Kreme continued to make difficult financial decisions last month, mutually ending its partnership with McDonald’s (MCD) as the doughnut giant said it was no longer able to scale the collaboration to more of the fast food chain’s U.S. locations profitably.
The company announced another executive change Wednesday, with chief product officer Alison Holder becoming chief brand and product officer next week, replacing the departing chief growth officer David Skena.
Krispy Kreme shares were down 3% shortly after markets opened. They are down about 66% since the start of the year, and have rallied in recent days after bottoming out to record lows following the May earnings report.
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