Krispy Kreme CFO steps downKrispy Kreme CFO steps down

Price Cooper. Photo: Business Wire

Price Cooper has stepped down as chief financial officer of Krispy Kreme Doughnuts Inc., the company confirmed Monday.

Winston-Salem, N.C.-based Krispy Kreme, which went private in a deal with JAB Bench Inc. in July, had not announced plans for a successor as of Monday. Cooper joined Krispy Kreme in January 2015 and became CFO in April.

“I can confirm that Price left Krispy Kreme on his own accord a couple of weeks ago,” said Darryl Carr, Krispy Kreme senior director of corporate communications, in an email. A company memo said Cooper left on Sept. 9.

The Krispy Kreme memo told employees that “details on the transition would be announce at a future date.”

JAP Beech Inc., a subsidiary of JAB Holding Co., on July 27 completed its acquisition of Krispy Kreme, initially announced in May.

The $1.35 Krispy Kreme billion deal with JAB Holding Co., added a coffee and doughnut concept to its stable of Einstein Noah Restaurant Group, Caribou Coffee, Peet’s Coffee & Tea and Stumptown Roasters concepts. Krispy Kreme shareholders were paid $21 per share, and the brand stopped trading on the New York Stock Exchange.

Prior to Krispy Kreme, Cooper served as CFO of Louisville, Ky.-based Texas Roadhouse Inc. At Krispy Kreme, he succeeded Douglas Muir, who retired after serving as CFO since June 2007.

Krispy Kreme was founded in 1937 and has more than 1,100 Krispy Kreme shops in 28 countries.

On Monday, Krispy Kreme announced a development agreement for a 29th country, Iceland, in a deal with Hagar verslainr ehf, a leading retailer in that country with holdings in the grocery sector that include Hagkaup stores. The first Iceland Krispy Kreme shop was expected to open in November at Hagkaup’s Flagship HyperMarket located in the Smáralind Mall.

Update Oct. 3, 2016: This story has been updated with a comment from Krispy Kreme’s spokesman.

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