Krispy Kreme Doughnuts gets new CEO

Jan. 18, 2005 at 11:40 AM

WINSTON-SALEM, N.C., Jan. 18 (UPI) -- Krispy Kreme Doughnuts' chief executive resigned Tuesday amid a U.S. investigation into the company's accounting, the Financial Times reported Tuesday.

Scott Livengood retired less than two weeks after Krispy Kreme said a planned restatement of financial results would hurt net income more than expected.

Krispy Kreme suffered a series of setbacks in 2004, including a formal investigation launched by the Securities and Exchange Commission in October into how the doughnut maker accounted for buybacks of some franchises.

The company recently said fixing accounting errors from the fiscal year ending Feb. 1 would reduce net income by as much as 8.6 percent.

Stephen Cooper, interim chief executive of Enron, will replace Livengood.

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