Did you know - the current SVP Marketing is going to go work directly for Scott Livengood as his "gopher". Considering the "outstanding" job he has done in marketing the product and brand, this is definately a well deserved "promotion". (ha, ha)
They are replacing the SVP HR who left to go follow Tate across country with a professor from Wake Forest who has NO HR background. hmmmmm.......
And rumor has it that Kent Simon from GSD&M will be coming on board to replace the former wonderboy SVP Mktg as their new SVP Mktg.
Just an update from NC.
Please don't think I am saying that Frank is exempt from anything. My point was this - how many defense attorneys want to know if their client is telling the truth? Their job is to get them off with the lightest sentence possible. Sometimes NOT knowing the truth makes it easier. He is just as much in the thick as the others. I just question if he knew for a fact that they were committing perjury.
Thanks as always.
I have perhaps ragged Frank Murphy unfairly in the past and am glad to know he is a straight shooter. Company Counsel is a key figure in investigations such as now visited on Krispy.
All it takes is a few true men .....
You are quite welcome.
I can't imagine the board was let in on the truth of the events regarding No Cal. I'm sure it was presented in a way to protect Scott as always. Would Frank take a bullet? He may dodge a few, but I don't see him taking the full hit. I could be wrong. Scott has some loyal people - but I don't see anyone doing jail time for him. Did Frank know the whole truth about what happend with No Cal? Frank probably was told what he needed to know. He was counsel for KK at Kilpatrick Stockton long before he came on board at KK. There are lots of people who know the truth about it. And yes, I misspoke - the investors paid that settlement. And will be paying many more.
And your memory serves correctly - KKD gave lots of money to Scotts "storytelling/myth" voyage. And probably still does. Did you know he is writing a book about KK and himself.
They haven't only given monetary donations - they give sponsorship and doughnuts for everything to do with the school. The Livengoods did give a chunk of their own money to build a center named "The Scott and Michelle Livengood Center"....go visit their website....fcds.org/future construction. You can see the school that shareholders are funding.
The school donation is an interesting one. Memory tells me the company also supprted Livengood's Myth Foundation.
The No Cal caper is of even greater interest -- that Livengood and others were involved in perjury. Actually it was the shareholders, not the individual participants, who had to cough up the $9 million settlement. Initially, Livengood was personally charged in the court case, but counsel, presumably Frank Murphy, negotiated him out of the final settlement and so stuck the company with 100% of the award.
Did Frank Murphy, knowing the details of the legal action, withhold the true nature of Livengood's involvement when presenting the settlement for Board approval? Or did the Board understand and overlook the circumstances, diverting $9 million of shareholder money to Livengood's benefit?
Frank Murphy comes across to me as a key figure in the various investigations Is he the type to take a bullet for Livengood and McAleer or might he be the first to turn?
--- rhetorical qustions, presumably unanswerable at a distance, but likely of interest to the SEC, to the Committee, and to the Class Action lawyers, waiting in the wings.
You haven't missed much. You can probably count Michigan in that too. The list is long and distinguished. Are you aware that KKD gives money to a private school were his kids and stepdaughter went and currently go? No donations to public schools, keep in mind.
He's already committed purjury in the No Cal case - as have other execs past and present. At least they had to pay for their egotistical ways. Its only a matter of time.
Your comments are most interesting and greatly appreciated. Thank you.
To an outsider, Krispy Kreme remains very much a puzzlement -- many facets and wheels within wheels. Any suggestions or hints as to where we might dig or where we've gone wrong would be most helpful.
Many thanks to you and to anyone else who can contribute.
A puzzlement indeed. A few of you have done very well dissecting. The inner workings are what is of most interest and hardest to find out about. Do I think they'll file CH. 11? Hard to say. It would depend on the ability to get rid of Scott and his posse. They are all "yes men (and women)" all the time. If you are CEO of a multi-million $ company, would you publicly admit that you "now" have your hands on the "business day to day"? Where was he for the last 2 years? Storytelling, building houses, vacationing every other week with wifey, flying here and there on the company Falcon, all with the companies $'s.
The numbers speak for themselves. They are way down. They ruined the product by putting it in boxes and making it available everywhere. It used to be a destination product....now its not. They call that good marketing??!! And now "wonderboy" is heading "Strategic Planning"?? What a joke. Surprised he hasn't found a way to take his "mistress" with him on his promotion. I see the continued decline of a once great company.
Here's an interesting read:
"I am very pleased to announce the appointment of Stan Parker to the role of Senior Vice President, Strategic Planning & Corporate Development.
Stan joined Krispy Kreme in September of 1998 as Vice President of Marketing from Sara Lee Branded apparel, where he had been Vice President of Marketing for the Hanes Casualwear business. He was promoted to Senior Vice President of Marketing in January of 2000. In the absence of a traditional media and advertising budget, Stan has been able to develop and implement a strategy to leverage the assets of the Krispy Kreme brand, which has contributed greatly to our growth over the last few years. I truly appreciate his contributions to the Marketing team and his strong advocacy for our brand.
It is Stan�s vast knowledge of our brand, our people and our business, combined with his innate skills around organization, planning and execution that make him the ideal choice for this role.
In this role, Stan will be responsible for, in partnership with me, the development and execution of Krispy Kreme�s strategic plan. He will work directly with key executives, including the Chief Financial Officer and other department heads, to drive critical business initiatives and determine the support required to successfully carry out each of those initiatives.
With the creation of this new role comes the need for a strong team.
Paul Harrison, Vice President of Financial Planning & Analysis, and his team will report to Stan. This role as a department will be essentially unchanged. This team is a reservoir of knowledge regarding every aspect of our business and they provide an invaluable contribution to the company.
In addition to Paul�s team, Amy Hughes, Director of Communications, will be shifting her focus to support Stan. Amy will work with Stan on both the internal and external communication of the strategic plan and key business initiatives. The more traditional product and entertainment public relations will remain with the Marketing team.
We are in the process of looking for Stan�s replacement as Senior Vice President of Marketing. In the interim, Stan will continue to provide oversight for the Marketing and Customer Experience functions as he transitions into his new role.
Please join me in congratulating Stan on his new opportunity."
Someone should do some digging on this clown.
<<In addition to that, letting the CEO and head stock pumper off wouldn't play too well in the press for the SEC. The SEC is making it pretty clear that they're going to lower the boom on some people to make examples of them.>>
I think the deal will be that the investigating board...will be the axe that keeps the SEC at bay ;).
Scott gained too much from the scam and he was the mastermind behind the new store->sale-growth->high price -->insider sale trick.
The Sarbanes-Oxley act will not give him any easy time even if he chose to cooperate. He will fight to the last minute.