Donut chain
Krispy Kreme
announced a change at the top executive level Monday.
Krispy Kreme (ticker: DNUT) tapped Josh Charlesworth, its current chief operating officer, to head up the company starting Jan. 1. He succeeds current CEO Michael Tattersfield, who has held the role since 2017.
Krispy Kreme stock fluctuated between gains and losses Monday morning. As of Friday’s close, shares have gained 24% year to date.
Charlesworth joined Krispy Kreme as in 2017, serving in various leadership roles including chief financial officer and global president.
Krispy Kreme first went public in 2000, but 16 years later it was taken private when it was acquired by German investment firm JAB Holding for a little over $1.3 billion. The company went public again in 2021, with JAB continuing to hold a significant stake. Under Tattersfield, revenue has grown to a projected $1.6 billion in 2023 from $550 million in 2016.
“I couldn’t be happier to transition the CEO role to Josh,” said Mr. Tattersfield. “Transforming the Krispy Kreme brand and culture has been a highlight of my career, and I am truly grateful for our amazing Krispy Kremers who continue to inspire me.”
Tattersfield will remain on the board, and continues to be a “significant investor” in the company.
Krispy Kreme reiterated its financial guidance for fiscal 2023 Monday. The company’s current guidance calls for revenue to range from $1.65 billion to $1.68 billion. Adjusted Ebitda, or earnings before interest, taxes, depreciation, and amortization, will range from $205 million to $215 million.
On Monday, the company said it “continues to trend toward the middle to the higher end of the revenue and adjusted Ebitda ranges.”
Write to Sabrina Escobar at [email protected]
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