Krispy Kreme Doughnuts Inc., Winston-Salem, N.C., elected Daryl Brewster president and chief executive officer.
Investors are confident in Brewster's leadership and the company's outlook. In the month following Brewster's appointment, Krispy Kreme's shares skyrocketed approximately 37%.
Brewster replaces Stephen Cooper, who served as the company's interim CEO since January 2005. Brewster also will serve on Krispy Kreme's board of directors.
Brewster has served the packaged foods business for 23 years and comes to the company as it is trying to recover from an accounting investigation and over-expansion.
"I am honored to be joining Krispy Kreme at this very important time in the company's history," Brewster said. "Krispy Kreme has made steady progress in its turnaround and I am confident that it has a solid future of growth and profitability."
Brewster most recently served as president of Kraft's $6 billion North American Snacks and Cereals sector. He was part of the team that revived Kraft's Nabisco Planters division in the late 1990s, and the team that revived Campbell's Soup in the 1980s.