Chief financial officer leaving Krispy Kreme

by Jeff Gelski
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WINSTON-SALEM, N.C. — Michael C. Phalen, chief financial officer of Krispy Kreme Doughnuts Inc., is resigning from his position in early June. Douglas. R. Muir, chief accounting officer, will fill the position.

Mr. Phalen, who has been head of financial operations since January 2004, intends to return to a career in investment banking.

"Krispy Kreme has made significant progress under Mike Phalen’s leadership as chief financial officer," said Daryl Brewster, president and chief executive officer. "Mike has helped lead the company through some difficult times, and we appreciate his hard work and dedication. We wish him continued success."

Mr. Muir has been with the company since December 2004, and in his 30-year career he has held various senior financial management positions.

In addition, Robert L. Strickland has retired from the Krispy Kreme board of directors, which he has served on for more than eight years. Mr. Strickland was elected vice-chairman of the board in 2005.

The company also has nominated Lynn Crump-Caine and C. Stephen Lynn to the Krispy Kreme board of directors for election at the June 4 shareholders meeting.

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