Krispy Kreme to pay new CEO $760 an hour

[Fenris]

Krispy Kreme Doughnuts Inc.'s new chief executive -- the turnaround specialist who led Enron Corp. for almost three years -- will be paid $760 an hour, plus expenses, the company said Monday.

The Winston-Salem-based company last week forced out longtime CEO Scott Livengood and turned to Stephen F. Cooper to try to reverse problems that include sinking profits, a federal securities probe and allegations of corporate deceit.

If Cooper reverses Krispy Kreme's fortunes, his firm will be paid a "success fee" that is now being negotiated, the doughnut chain said in a filing with the Securities and Exchange Commission. Krispy Kreme did not define terms that would lead to that fee being paid.

<...>

The hourly rates are subject to adjustment semiannually and don't include reimbursement for "reasonable out-of-pocket expenses," Krispy Kreme said.

http://www.sfgate.com/cgi-bin/article.cgi?file=/news/archive/2005/01/24/financial1832EST0333.DTL

If he works 40 hours a week, he'll make more in one week than a lot make in a year.:(

[flvegan]

1. Probably has a pretty sweet discount on doughnuts, too.

[terrya]

2. Fucking inexcusible.

PLUS, I daresay that there will be a very generous stock options package as well as all of the other perks these CEO's don't deserve.

How about socialism, anyone? Sounds good to me.

[fertilizeonarbusto]

5. Same here

I'm one of the people who makes less in one year than he does in one week.
"Arise, ye prisoners of starvatiooooooooon!!!!!!!!!"

[joeybee12]

14. Yup, friggin' ridiculous...

...makes me wanna give those tasty things up!

[flamingyouth]

3. They have a kreepy name, I think

:(

[Fenris]

4. Krispy Kreme Korporation.

:D

[MnFats]

6. but they have the best deep-fried lard in the business!

with apologies to Garrison Keilor, "damn, they're tasty!"

[elperromagico]

7. Good. Have him make me a fuckin' gold-plated doughnut.

Ahh, the plutocracy!

[XNASA]

8. He won't get a dime from me.

I think KK tastes like krap.

[histohoney]

9. Dang!

Forget all those science classes, I should have studied dough nuts. UM MM dough nuts. Sorry just a Homer moment.

[miss_kitty]

10. Never ate one

never will

[supernova]

11. The proof will be if Enron really survives

and thrives. Not just stays in bankruptcy. I mean, the idea is to get out of bankruptcy and back to profitability.

I don't see how he's earned his $760 an hour there, frankly. Enron still underperforms.

Disclaimer: KKs are an occasional treat for me. I want them to succeed only b/c they are a home town company and I would hate to see a local biz go down in flames. :-(

[goddess40]

12. Made money on Krispy

Goddess40's mom here. Back when we had a real president I bought Krispy Kreme stock and made $1800 on it. That was a biggie for me as I don't put a lot in the stock market. Now I'm laughing my butt off because their stock keeps hitting a new low. I love them but Goddess and I will not buy them and only eat them if a Republican buys them. We won't spend one damn dime for them.

[RPM]

13. i think you forgot the decimal point...

you meant $7.60/hr right?

Oh, CEO? Nevermind...

[catmandu57]

15. NOBODY, I REPEAT NOBODY IS WORTH 760.00 PER HOUR

Fuck this guy, Fuck krispy kreme, if I had any of their stock i'd dump it like a hot potato, and would'nt hold stock in any company that valued one stinking person above everyone else.
It's stuff like this that makes me want to grab my musket.

[NorthernSpy]

16. how many doughnuts per hour...

... will they have to sell just to afford this guy? And is he worth it?

I don't think we have Krispy Kreme up here. We've got Tim Horton's and that other place instead.

:donut: