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Krispy Kreme has named Stephen F. Cooper to replace CEO Scott A. Livengood, who has retired, but will become a consultant to the company on an interim basis.

Steven G. Panagos has been named President and Chief Operating Officer.

James H. Morgan, who has served as a director of the Company since July 2000 and Vice Chairman since March 2004, has been elected Chairman of the Board of Krispy Kreme. Mr. Morgan is Chairman of The Morgan Crossroads Funds, having previously served as Chairman and Chief Executive Officer of Wachovia Securities, Inc. In addition, Robert L. Strickland has been elected Vice Chairman. Mr. Strickland, a Krispy Kreme director since 1998, is the retired Chairman of Lowe's Companies..

Mr. Cooper is the Chairman and Mr. Panagos is a Managing Director of Kroll Zolfo Cooper LLC ("KZC"), which the Company has retained to be its financial advisor and interim management consultant. Mr. Cooper has more than 30 years' experience leading companies through operational and financial restructurings and currently acts as interim CEO, President and Chief Restructuring Officer of Enron and prior to that acted as Vice Chairman of Laidlaw.

"I believe that the Company's employees, franchisees, vendors and shareholders will be excited with the energy, experience and vision which Mr. Cooper and the KZC team will bring to the Company. On behalf of the Board, I want to thank Scott for his years of dedicated service to the Company and for making himself available to Krispy Kreme as a consultant to facilitate the transition," said Mr. Morgan.

KZC has worked on numerous complex engagements, including Enron, The Penn Traffic Company, NRG Energy, Inc., Federated Department Stores, Sunbeam, Laidlaw, Washington Group International, Polaroid Corporation, Morrison Knudsen and ICG Communications. KZC has a demonstrated track record in stabilizing businesses while developing strategic plans for long-term financial strength.

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