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Time to Count the Doughnuts: New CFO, COO at Krispy Kreme

Doughnut maker promotes CFO to COO. Is this a trend or what?
Jennifer CaplanFebruary 4, 2002

The happy trend continues: another CFO has been bumped up the corporate ladder.

Late last week, Krispy Kreme Doughnuts promoted CFO John Tate to chief operating officer. Tate’s been with Krispy Kreme since October 2000…. Randy Casstevens, the doughnut-maker’s controller, will succeed Tate as CFO… Company’s doughnuts have been selling like hotcakes of late. Krispy Kreme reported third-quarter net income of $6.5 million, up considerably from around $4 million the year before. Earnings worked out to 11 cents per share–Thomson Financial/First Call reports analysts expected income to come in at 10 cents per share… Krispy Kreme managers now expect fiscal earnings per share of 44 cents in 2002, 61 cents in 2003… Company also expanding number of stores at a faster clip than anticipated. 43 new KKs will go up this year…

Lot of CFOs are going up this year, as well. At the top of the list: Louis Camilleri, who last week was promoted from CFO to CEO at tobacco big Philip Morris. Restaurant-chain Applebee International also tabbed CFO George Shadid to step up to COO slot. And Sonicblue yesterday announced promotion of finance chief John Todd to COO position. New CFO at consumer electronics company is David Sugishita, who jumped from software maker Synopsys

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As reported in Today in Finance, Regeneration Technologies is having some difficulties. Management at medical device maker announced that release of fourth quarter financial results would be delayed. Guess what else they announced? Yup, company CFO, Richard Allen, is leaving… Regeneration managers attributed delay in Q4 results to “certain inventory issues.” Also said they were evaluating whether those issues may have affected previously reported quarterly results. Said evaluating may take several weeks… Investors weren’t thrilled by news — share price of Regeneration stock plummeted 51 percent on Friday… Although Regeneration’s annual results yet to be completed, company said it expects to report a loss in Q4 and 2001… In case you’re wondering, Regeneration management gave no reason for the departure of CFO Allen, so draw your own conclusion. One thing’s for certain: number of CFOs departing jobs after employers announce financial reporting problems is becoming epidemic

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