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Krispy Kreme CEO Quits

James Morgan will be the new chief.
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Krispy Kreme Doughnuts

(KKD)

rose 10% Monday on word that Daryl Brewster has resigned as CEO and will be replaced by Chairman James Morgan.

Morgan, 60, will also hold the title of president. The doughnut maker said the new position isn't an interim appointment, and it expects Morgan to serve as president and CEO for the foreseeable future.

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He has been a director of the company since July 2000 and was elected chairman in January 2005. The company said Brewster resigned for personal reasons. He will remain with the company until the end of January.

Shares of Krispy Kreme were recently up 28 cents at $3.11.

This article was written by a staff member of TheStreet.com.