Krispy Kreme Names Jeff Jervik Executive Vice President Of Operations

Krispy Kreme Doughnuts, Inc. (NYSE: KKD) announced that Jeff Jervik has been named as the Company's Executive Vice President of Operations, effective immediately. Mr. Jervik will report directly to Steve Panagos, President and Chief Operating Officer of Krispy Kreme, and will be responsible for all company- owned operations, franchisee operations and wholesale operations.

Prior to joining Krispy Kreme, Mr. Jervik served as National Vice President of Operations for Pizza Hut Inc., where he was responsible for the operations of over 1,000 Pizza Hut restaurants with sales of approximately $800 million and over 25,000 employees. Most recently, Mr. Jervik owned and operated a chain of Papa John's restaurants in Hawaii which he expanded from inception to become one of the top two pizza chains in the state.

"We are very pleased to have someone with Jeff's extensive operational background join the Krispy Kreme team," said Steve Panagos. "Jeff represents a further step in providing leadership for our operations team. With his extensive background in implementing profitable franchisee growth strategies and improving underperforming operations, we are confident that Krispy Kreme will benefit greatly from Jeff's expertise."

"I see tremendous potential in the Krispy Kreme brand and I am very excited to be joining the Company at this time," said Mr. Jervik. "While we have some challenges ahead of us, I believe that they are manageable and that the opportunities for this business are significant."

Separately, the Company announced today that the Executive Search Committee of the Board of Directors is working with James Mead & Company, a well-respected executive search firm with experience placing top executives in companies such as Starbucks, Sara Lee, Dean Foods and The Gillette Company, to assist in the search for a permanent Chief Executive Officer. The Board and Executive Search Committee look to identify and retain a CEO as soon as possible.

Krispy Kreme also announced today that Frank Murphy, the Company's General Counsel, will be retiring effective December 1, 2005. In order to ensure a smooth transition, Mr. Murphy will serve as an advisor to the Board of Directors and the Company. The Company will initiate a search for Mr. Murphy's successor.

"We regret Frank's decision to retire, but appreciate his guidance and commitment to Krispy Kreme, especially over the past 18 months," said James H. Morgan, Chairman of the Company's Board. "We value Frank's counsel and appreciate his willingness to serve as an advisor during the transition."



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