Charlotte, N.C.-based Krispy Kreme has appointed former Mars executive Jeremiah Ashukian, 43, as the doughnut maker’s global CFO and executive vice president, effective Jan. 9, according to a release and company filing.
Ashukian will succeed Josh Charlesworth, who has served as CFO since 2017. Charlesworth will remain the company’s global president and chief operating officer.
During his 20 years at McLean, Va.-based candy maker Mars, Ashukian held CFO roles in North America and Latin America and has experience leading M&A efforts, including Mars’ acquisition of KIND, a maker of snack bars.
Krispy Kreme, which returned to the public markets last year, is looking to expand using a hub-and-spoke growth model, according to an Oct. 18 report from Industry Dive sister publication Restaurant Dive.
As part of the growth in October, the company announced that nine McDonald’s restaurants in Kentucky would test out offering its original glazed and two other types of doughnuts. The company, which now operates in more than 30 countries, is also pursing an international expansion strategy, according to its third quarter earnings release. Krispy Kreme’s net revenue rose 10.1% year-over-year to $377.5 million in the quarter ended Oct. 2.
Ashukian, who holds a BA in mathematics from Wilfrid Laurier University and a CPA license, said in a statement that he was thrilled to join “one of the most iconic and loved sweet treat brands” and asserted that the company “continues to have multiple attractive avenues to drive high growth.”
Krispy Kreme president and CEO Mike Tattersfield said in a statement that he was confident Ashukian’s “strong financial background and deep global experience in the consumer sector” would help the company realize its strategic plans.
Ashukian will receive a $650,000 annual base salary and a one-time compensation package that includes a $675,000 sign-on bonus and an award of restricted stock units with a market value of $1.5 million, according to the filing.