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The Honolulu Advertiser

Posted at 10:45 a.m., Friday, August 24, 2007

Krispy Kreme shares rise on restructuring news

Advertiser Staff

CHARLOTTE, N.C. — Krispy Kreme Doughnuts Inc. shuffled executive slots and said today it would realign its franchise and company store operations, a move that should help the embattled doughnut maker improve sales and cut costs.

Executive Vice President of Operations Jeff Jervik will leave the company, effective Sept. 1.

Jeff Welch will become senior vice president and general manager of global franchise operations and development. Welch, who has more than 25 years experience, helped lead Krispy Kreme's international franchise expansion in 10 countries.

Steve Lineberger will become senior vice president and general manager of U.S. company operations. Lineberger has been heading the company's growth initiative, including new product development and innovation.

The realignment will affect mostly the company's support center in Winston-Salem, where Krispy Kreme is headquartered.

Krispy Kreme Chief Executive and President Daryl Brewster said the changes will help the company become "more responsive, leaner and focused."

Shares of Krispy Kreme rose 28 cents, or 4.3 percent, to $6.80 today.