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Resilient podcast series

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.

Saving an iconic brand

Daryl Brewster, former Krispy Kreme CEO, on saving an iconic brand

Daryl Brewster spoke with Deloitte 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.

Related article

Daryl Brewster, in a Wall Street Journal article speaks about his role as the CEO of Krispy Kreme.

Newspaper

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Resilient is an award-winning podcast series that features authentic, engaging, and thought-provoking conversations with CEOs, senior executives, government officials, board members, and people outside the business world. Hear interviews and personal stories about how they led through crisis, navigated through disruption, and managed through significant risk events. And discover what they learned about embracing risk, improving performance, and leading confidently in a volatile world.

For more in the series, visit the Resilient Podcast library page.

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