Krispy Kreme ( KKD) surged 18% after the struggling doughnut chain tapped a Kraft ( KFT) exec as its new CEO.
The Winston-Salem, N.C., company said Daryl Brewster would replace Stephen F. Cooper at the helm. Brewster was president of Kraft's $6 billion North America snacks and cereals sector. Cooper, who has been interim chief since January 2005, will stay on as chief restructuring officer during a transition period. "We are delighted to welcome Daryl as Krispy Kreme's new president and chief executive officer," said Chairman James H. Morgan. "Daryl is a world-class executive with over 23 years of experience in the food industry. Throughout his distinguished career, Daryl has developed extensive knowledge, both domestically and internationally, in the areas of brand development, business strategy, sales and marketing, and distribution. He brings with him not only a wealth of practical know-how, but also a solid understanding of the opportunities, as well as the challenges, currently facing Krispy Kreme." Krispy Kreme rose $1.16 Tuesday to $7.55.