Professor Mike Lord Comments on the Krispy Kreme’s Choice for President & COO

11.29.2011 Article, Faculty News, Retail

Former FedEx executive joins Krispy Kreme
Reposted from Winston-Salem Journal | by John Hinton

Kenneth A. May, a former executive with FedEx Corp., has joined Krispy Kreme Doughnuts Inc. of Winston-Salem as its new president and chief operating officer.

May, 51, will report to Jim Morgan, the company's chief executive, and will be responsible for the company's operating segments, Krispy Kreme said in a news release.

Company officials created the position for May, said Brian Little, a Krispy Kreme spokesman.

May said he looks forward to working at the company, which recently announced plans to expand in the United Kingdom.

"Being invited to join Krispy Kreme and be a part of taking this iconic brand to the next level is a once-in-a-lifetime opportunity," May said in a statement.

May had served as president and chief executive officer of FedEx Kinko's office and print centers, and led the integration of Kinko's into FedEx. He was responsible for the strategic direction, growth and development for more than 1,800 retail locations and 22,000 employees in 11 countries, and $2 billion in revenue.

May also held other positions throughout FedEx, including senior vice president of U.S. operations for FedEx Express, Fed-Ex's largest division with more than 62,000 employees.

He served recently as president of ES3 LLC of Keene, N.H., a logistics company that uses advanced robotic technology to make supply chain operations more efficient and profitable for manufacturers and retailers.

Morgan said May's experience and corporate leadership will benefit Krispy Kreme because he understands the company's mission.

"It was critical that we seek out someone with a unique combination of big-brand experience, retail customer engagement, proficiency in delivering quality products and services," Morgan said in a statement. "We were able to find all of those qualifications in Ken May."

Michael Lord, an associate professor of strategy and entrepreneurship at Wake Forest University, said May is an interesting choice for Krispy Kreme.

"Operations experience clearly was a factor," Lord said. "The company's past difficulties stemmed not so much from marketing, but rather more involved some critical operating and financial issues. They still have a good brand and a great product."

Krispy Kreme's share price rose 7.75 percent (or 49 cents) to close Monday at $6.81.