Krispy Kreme Stock Falls Upon CEO’s Announced Resignation

Krispy Kreme, one of the nation’s most well-known donut brands, watched its stock decline in premarket trading Monday after it announced that CEO Michael Tattersfield will step down.

Tattersfield’s resignation from the role he has held since 2017 will be effective Jan. 1 and Krispy Kreme named Josh Charlesworth, the donut giant’s current global president and chief operating officer, as Tatterfield’s replacement.

Krispy Kreme’s total revenue nearly tripled during Tattersfield’s tenure, growing from $550 million in 2016 to $1.6 billion in 2023, the company said in a news release.

The CEO oversaw an aggressive expansion of Krispy Kreme, with the chain adding 462 stores across its two brands — the company also owns Insomnia Cookies — in the most recent quarter.

Revenue grew 9% in the most recent quarter compared to the same six months in 2022.

Tattersfield oversaw Krispy Kreme’s takeover of Insomnia — a chain popular with college students and late-night revelers — in 2018 when the company bought a majority of the cookie seller's shares.

Between the two brands, the donut behemoth now has 12,872 stores worldwide, up from around 1,100 in 2016, according to earnings reports.

Tattersfield will remain on Krispy Kreme’s board of directors and serve as a senior advisor and “significant investor,” a news release said.

Stock in the donut company fell 1.6% in premarket trading, according to MarketWatch, falling to $12.79 per share, a six-week low.