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Krispy Kreme announced CEO Michael Tattersfield's resignation, effective Jan. 1, 2024. Successor Josh Charlesworth, previously holding top leadership roles, is set to continue the brand's global expansion and evolution.
Krispy Kreme said that while Tattersfield is stepping down from his CEO role, he will remain in the company as part of the Board. He will eventually become a senior advisor and Krispy Kreme Ambassador on the same day of his departure.
As mentioned on Fox Business, the outgoing chief has been leading the chain since 2017. In his tenure, Tattersfield has been credited for Krispy Kreme's significant expansion and transformation, where its revenue grew from $550 million in 2016 to $ 1.6 billion this year.
The company promoted Josh Charlesworth to fill the CEO vacancy. He will take over as soon as Tattersfield leaves his office.
The new chief has been with the company since 2017 and held various leadership positions. Some of the roles he was appointed to are chief financial officer, global president, and chief operating officer.
"Today, we celebrate the transformation of Krispy Kreme under Mike's leadership, as it grew from a complex, multi-product primarily-US model to a more global, capital-efficient hub-and-spoke omnichannel model, focused on delivering fresh, awesome doughnuts, all while nearly doubling the adjusted EBITDA of the business," Krispy Kreme's Board of Directors chairman, Olivier Goudet, said in a press release.
He added, "Mike re-ignited the iconic Krispy Kreme magic, and we are grateful he has decided to stay on the Board and be an ambassador for Krispy Kreme. At the same time, we are incredibly excited to appoint Josh to CEO as he has played a critical role in Krispy Kreme's growth for the last six years and will now lead the company's next chapter of success and value creation."
Meanwhile, Market Watch reported that Krispy Kreme's stock dropped after the announcement of Tattersfield's departure as CEO. The stock price plunged by 1.6% on Monday's premarket trading.
Photo by: Darrien Staton/Unsplash
