Daryl Brewster: Resilient podcast
Saving an iconic brand
In 2003, it was “America’s hottest brand.” But when Daryl Brewster took over as Krispy Kreme’s CEO just three years later, he faced a drastically different reality. Hear how Daryl and his team reduced debt, expanded globally, and restored the company’s tarnished brand.
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Saving an iconic brand
Daryl Brewster, former Krispy Kreme CEO, on saving an iconic brand
Daryl Brewster spoke with Deloitte Risk and Financial Advisory’s Mike Kearney about joining Krispy Kreme as CEO in 2006, just when the company was in the midst of a perfect storm: Billions in lawsuits. Hundreds of millions in debt. Staggering turnover. Furious franchisees.
We were at the edge and the sharks were circling the tank.
In its efforts to rebuild, Krispy Kreme established three “S” goals—survival, stability, and sustained growth—and set out a K-R-I-S-P-Y strategy to achieve those goals.
- K–“Klean” up the mess and generate “kash.”
- R–Run great doughnut shops, while getting out from under the crisis.
- I–International expansion.
- S–Save money everywhere.
- P–Power the organization and get everyone pulling in the same direction.
- Y–“You.” As in what can you, the employee, do to drive these key strategies?
Other critical pieces to Krispy Kreme’s turnaround? Finding the right team. Maintaining strong ties with the community. Having a balance of realism and optimism. And acknowledging the current state of the company while painting a brighter future.
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