International doughnut franchise Krispy Kreme has announced that its Chief Financial Officer Douglas R. Muir will retire at the end of this year.
"We wish to express our heartfelt appreciation to Doug for his many years of outstanding service and commitment to Krispy Kreme," President and Chief Executive officer Tony Thompson said, according to Business Wire.
"Doug's financial stewardship and profound business acumen have earned him the trust and respect of his colleagues, our Board of Directors and our shareholders. He will be missed, and we wish him all the best in his retirement."
Muir began working for Krispy Kreme in 2004 as a financial consultant and later became the company's Chief Accounting Officer and Executive Vice President.
The Wall Street Journal cites a proxy filing mentioning that Muir received compensation for the fiscal year ended in February valued at $1.2 million. The newspaper also mentions that his compensation included a salary of $376,175, a bonus of $343,374 and equity awards valued at about $425,000.
The company, based in North Carolina, has expanded to hundreds locations around the world following its 1937 founding. Its 2014 revenue is estimated at over $460 million with a total operating income of over $46 million.
