Former Enron CEO to head troubled Krispy Kreme

[Dover]

Jan. 18, 2005, 12:13PM

Former Enron CEO to head troubled Krispy Kreme
Associated Press

CHARLOTTE, N.C. — Chief executive officer Scott Livengood was ousted today as head of Krispy Kreme Doughnuts Inc., the once-trendy chain whose stock price has plummeted amid a federal securities investigation and allegations of padded sales figures. Shares of Krispy Kreme jumped 12 percent.

The Winston-Salem company's board of directors announced the retirement of Livengood, who has been criticized for his handling of the company's recent financial problems, as one of "a number of important actions to address the company's current situation."

Livengood, 52, who has been at the helm for seven years and led the company's rapid rise, was replaced as CEO by Stephen Cooper, a turnaround specialist who most recently shepherded the Enron Corp. bankruptcy reorganization...cont'd

http://www.chron.com/cs/CDA/ssistory.mpl/business/2997611

[fertilizeonarbusto]

1. HAHAHAHA

You can't make this shit up!

[Democracy Died]

2. I guess it'll be Kreamed instead of Enroned..

:eyes:

[RubyDuby in GA]

3. DEAR GAWD NOOOOOOOOOO

:cry: My donuts will forever be tainted by this :cry:

Why????? Why Gawd Why???????

[Liberal Veteran]

4. Stockholders: That's your cue! Sell! Sell! Sell!

Bwa-ha-ha!

[TexasSissy]

5. If those Krispy Kremes start tasting a bit oil-y, we'll know why!

[tridim]

6. This is an Onion article, right?

If not.. OMG!

[tx_dem41]

7. To be fair, Cooper was hired at Enron AFTER the scandals....

He is known as a turnaround specialist.

[saigon68]

8. Sounds like Chuck Graner

He was a "turn around" specialist too.

When they turned around he had his plastic flash light at the ready.

[tx_dem41]

9. Not sure what that has to do with the story in the original post.

I was just adding some context that seemed to be missing.

[saigon68]

28. With all the new POLICE Hires

Prison guard hires, security guard hires, metal detector screener hires and the other 2 million "minders" being hired by the govt with your tax money,

The Donut industry should be in bull market . All of these minders sitting around watching our every move, this while consuming mass quantities of donuts. Imagine how fat their asses are all going to get. And Chuck Graner will pine for the old days when he had his plastic flashlight at the ready.

[leveymg]

10. From Cooked Books to Frying in the Dough

That guy seems well prepared for the job!

Actually, Krispee Kremes are to doughnuts what BigMacs are to hamburgers, and WallMarts are to Main Street. A mass-marketed monster that threatens to put thousands of small, local bakeries out of business. Not a very good doughnut - and apparently, not a good investment.

If I were on the DNC policy committee, I'd have the Dems go after these job-destroying mega-chain rip-offs that are poisoning and bankrupting the American people. Here's to a tastier, healthier, smaller-waste-size America!

[Dover]

12. ANY dough will do......lol!

The resurrection of Krispy Kreme was puzzling to me. It sure seemed like a collaborative hype by media and business.

[leveymg]

17. What Big Biz Isn't?

[hector459]

11. These crooks and incompetents have no problem getting puff jobs.

Meanwhile, working men and women who get fired because the boss doesn't like them or because they were arrested for smoking pot will find it difficult if not impossible to get even a low-paying job.

[tx_dem41]

13. Umm...if you read the article, he was hired at Enron AFTER the scandals..

Jan 2002, precisely to get them turned around.

[Bush_Eats_Beef]

14. Krispy Kreme, the OFFICIAL doughnut of the Iraq Occupation

:evilgrin:

[leveymg]

18. If the Chesterfields don't get 'em, the saturated fats will.

They don't give away free cigarettes to recruits anymore. KKs are the unfiltered Chesterfields of today's ARMY.

[MADem]

15. Gee, good news for Dunkin Donuts, I guess

When KK donuts go to five bucks a piece, Dunkin's will clean up!

[Dervill Crow]

20. Dunkin'

I've noticed Dunkin' Donuts are disappearing around here since Krispy Kremes moved in. My local one has turned into a Dippin' Donuts and one across town is now a Sesame Donuts (Sesame Donuts? What is that about?).

I've always thought Krispy Kremes were highly overrated, but it was quite the media event when they finally came here.

[newyawker99]

24. Hi Blue in Portland!!

Welcome to DU!! :toast:

[AuntiBush]

16. I need to lose weight anyway, yet...

my dear ole aunt won't be too happy. She loves those donuts, but as soon as she hears about this one, she'll change her eating habits real soon.

We have become blue-shoppers with a passion and enjoying every moment of it.

[pimpbot]

19. Best. Donuts. Ever.

WTF? Krispy Kremes are some of the best donuts I've ever had. That includes local shops and duncan donuts. Mmmmm so sugary. I dont care too much about my weight, I'm 160 and was raised on Mcdonalds. #2 with a coke please :)

[daleo]

21. I thought Arnie was Enron's turnaround specialist

Didn't he get them off the legal hook in California?

"The company said quarterly results will also be harmed by the substantial costs of dealing with its current legal and regulatory troubles, and it could post a loss for the current quarter."

So, maybe the gropinator can help - perhaps all school lunch programs in California can be donut based.

"But even as the company undertook rapid growth, there were underlying problems. Sales began to sag by early 2003, according to a recent filing in a shareholder lawsuit. Officials knew of the problems, but attempted to hide them by routinely padding sales figures by doubling doughnut shipments to wholesale customers at the end of fiscal quarters, according to the suit.
...
According to Krispy Kreme, Cooper has more than 30 years' experience leading companies through operational and financial restructurings."

It sounds like creditors are about to be Kreamed.

[gnofg]

22. going public

is what killed Krispy Kreme. I used to work for a company that sold all the cash registers to them. Our company and my friend was the salesman to them. They were not bad people. Going public puts undue pressure to continue to grow and expand. This is the downfall of this company.

[fob]

23. My prediction - Krispy Kreme becomes a vendor to the troops

Fat government contract, as it were.

[geomon666]

25. Isn't KK a rethug contributor?

buhbye.

[SOS]

26. Yes...

98% of Krispy Kreme donations go to the Republicans.

[llmart]

29. Now I'm REALLY glad I don't eat them.....

or ever step foot in their establishments.

I'm a blue shopper also, though I rarely shop anyway.

[Arkana]

27. And another one bites the dust.