TheEnforcer
01-25-2005, 11:49 AM
http://news.yahoo.com/news?tmpl=story&cid=...eme_2&printer=1 (http://news.yahoo.com/news?tmpl=story&cid=509&u=/ap/20050124/ap_on_bi_ge/krispy_kreme_2&printer=1)
Krispy Kreme to Pay New CEO $760 an Hour
Mon Jan 24, 6:35 PM ET
WINSTON-SALEM, N.C. - 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 (news - web sites). Krispy Kreme did not define terms that would lead to that fee being paid.
Cooper, 58, is head of Kroll Zolfo Cooper LLC, the corporate recovery and advisory firm Krispy Kreme retained as its financial adviser and interim management consultant. Cooper has about 30 years of experience in rehabilitating troubled businesses, including Polaroid Corp., TWA, and Malden Mills Industries.
Cooper's partner at Kroll Zolfo Cooper, Stephen Panagos, 43, will be paid $695 an hour as president of Krispy Kreme, the company said.
The hourly rates are subject to adjustment semiannually and don't include reimbursement for "reasonable out-of-pocket expenses," Krispy Kreme said.
Cooper will remain as interim CEO of Enron and has said he plans to spend about half his time on Krispy Kreme.
Company shares fell 29 cents to close at $8.75 Monday on the New York Stock Exchange (news - web sites), 10 cents above their 52-week low and down from $39.99 last year.
================================================== ===
If it isn't Gonzo I hope he's a FFN member!! :rokk:
Krispy Kreme to Pay New CEO $760 an Hour
Mon Jan 24, 6:35 PM ET
WINSTON-SALEM, N.C. - 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 (news - web sites). Krispy Kreme did not define terms that would lead to that fee being paid.
Cooper, 58, is head of Kroll Zolfo Cooper LLC, the corporate recovery and advisory firm Krispy Kreme retained as its financial adviser and interim management consultant. Cooper has about 30 years of experience in rehabilitating troubled businesses, including Polaroid Corp., TWA, and Malden Mills Industries.
Cooper's partner at Kroll Zolfo Cooper, Stephen Panagos, 43, will be paid $695 an hour as president of Krispy Kreme, the company said.
The hourly rates are subject to adjustment semiannually and don't include reimbursement for "reasonable out-of-pocket expenses," Krispy Kreme said.
Cooper will remain as interim CEO of Enron and has said he plans to spend about half his time on Krispy Kreme.
Company shares fell 29 cents to close at $8.75 Monday on the New York Stock Exchange (news - web sites), 10 cents above their 52-week low and down from $39.99 last year.
================================================== ===
If it isn't Gonzo I hope he's a FFN member!! :rokk: