Krispy Kreme is in the midst of a quiet reinvention. With a presence in more than 40 countries, the nearly 90-year-old brand has modernized its business model and embraced new technology, all while striving to maintain the warm, nostalgic glow that has always characterized its donut boxes.
Sitting at the center of that transformation is Marissa Andrada, an independent director on Krispy Kreme's board of directors and chair of the compensation and nomination committee. Andrada, Chipotle's first chief human resources officer and a veteran human resources and culture executive who held senior human resources roles at Starbucks, Universal Studios, Kate Spade, Red Bull, Pizza Hut and GameStop, now oversees how the board connects strategy, people and governance to drive sustainable and profitable growth.
In the following interview, Mr. Andrada discusses how the board is sharpening Krispy Kreme's strategy for sustainable and profitable growth, reshaping the company and leveraging employee insights and technology to build resilience in a rapidly changing, multi-generational consumer environment.
What are the most pressing topics that boards are grappling with these days?
The most urgent need is to have a strong strategy that supports and drives sustainable and profitable growth. In a fast-changing industry, driving profitability through relevance and responsibility will continue to be at the forefront of growth discussions.
Equally important to relevance and responsibility is ensuring the organizational capacity to evolve business models and drive strategy. As a business founded nearly 90 years ago with locations in more than 40 countries, we continue to introduce our brands to new markets in new ways, while staying true to our mission and values.
How do you alleviate some of your company's toughest challenges?
We alleviate difficult challenges through an approach rooted above all in having the right strategy as the foundation to support sustainable and profitable growth. When goals are aligned, transparent communication is key to mitigating challenges before they become problems.
With the right management team and board in place, strategy execution and communication complement each other, fostering connection and alignment. Having a diverse Board of Directors with diverse backgrounds and experiences allows us to lead with integrity and conviction, and to support and drive change in the best interests of all our stakeholders.
Difficult conversations become much easier when transparent conversations occur on an ongoing basis, and when you gain more knowledge and understanding of the business and the people behind it. I love meeting with employees beyond the C-suite to really understand and identify how company leaders are addressing potential issues and driving positive change, and how the board can continue to support brand transformation.
How has your approach to hiring new directors evolved?
Last year, we revamped our board membership. In addition to finding competencies that complemented our skills matrix, it was important to lean on an executive team with deep experience in the fast-changing consumer goods, restaurant, and retail industries who have led cultural and technology transformations.
We have been around for over 80 years and are a culturally connected brand. This means it has a huge multi-generational fan base, from people who subscribe to newspapers to people who create TikTok content. We need board members who understand consumers and can support our larger business strategy.
The most desirable candidates are those who identify with and believe in the company's mission to maximize contributions, drive positive change, and contribute to the transformation in which we are all a part.
How are boards responding to the opportunities and risks of emerging technologies?
Enterprise technology is always a field of both risk and progress, but it's not just about following trends. It's about understanding how new and emerging technologies interact with and support the value chain, creating efficiencies along the way without unnecessary disruption. We consult experts and connect regularly on this topic. Again, transparent communication is a key part of growth.
What are your strategies to help your company remain resilient?
Resilience is a very important word. Every company has its ups and downs as it is part of the business cycle.
From my perspective, an invaluable tool for building resilience is observing your company's unique workforce and understanding what they're thinking, how they're feeling, what's trending, and what's causing fear. How are leadership teams using this knowledge to best serve their employees, empower them, make them fundamentally resilient, and connect with all stakeholders, including shareholders, consumers, and partners?
