In the wake of an SEC investigation and tumbling stock prices, Krispy Kreme's Chief Operating Officer has announced that he will resign his position at Krispy Kreme to assume the COO role at Restoration Hardware. John Tate has been the COO of Krispy Kreme since 2002 when he was promoted from CFO. Scott Livengood, the company's CEO, has now assumed Tate's duties. According to the Wall Street Journal (subscription required), Tate's departure represents another setback for the troubled company, whose stock slipped 53 cents yesterday to $13.04. Krispy Kreme's stock value has declined 74% since its peak in August of last year. Mr. Tate did not comment on the reasons for his departure.
Posted by franchiselawblog at August 17, 2004 03:29 PM