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Donut Chain CFO Has Had His Fill

Steps away from the table at Krispy Kreme and returns to investment banking.
Stephen TaubApril 24, 2007

Michael Phalen has resigned as chief financial officer of Krispy Kreme Doughnuts amid a number of changes to the company’s executive ranks and board of directors.

The donut chain — which was “kremed” several years ago by a series of events, from the advent of the Atkins diet, to franchisee allegations of channel stuffing, to a restatement and shareholder lawsuits — added that Phalen plans to return to investment banking in Baltimore.

Before joining Krispy Kreme in 2004, Phelan had worked there for about eight years as a banker for CIBC World Markets and Deutsche Banc Alex. Brown. Indeed, while at Alex. Brown, he was a key member of the team that executed Krispy Kreme’s initial public offering and follow-on offering, the company noted. Earlier, he worked four years at Deloitte & Touche.

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As his successor, Krispy Kreme named chief accounting officer Douglas R. Muir, who joined the company in December 2004. Krispy Kreme credited him as instrumental in helping the company become current with its Securities and Exchange Commission filings.

The company also named Sandra K. Michel as executive vice president and general counsel. She succeeds Charles A. Blixt, who held the position on an interim basis since last September; Blixt will remain on the board and will be nominated for reelection at the company’s annual meeting.

Robert L. Strickland has retired from the board after eight years of service; he was elected vice chairman in 2005.

In addition, the company nominated Lynn Crump-Caine and C. Stephen Lynn to its board. Crump-Caine, the chief executive officer of OutsideIn Consulting, previously worked for McDonald’s for more than 30 years. Lynn, the chairman of Cummings Inc., a provider of branding services, previously served as chairman and chief executive officer of Shoney’s Inc. and of Sonic Corp.

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