Krispy Kreme Doughnuts Inc., the Winston-Salem, North Carolina based doughnut chain, announced on Monday that Daryl Brewster, its current President and Chief Executive, gave up the job for personal reasons and the one replacing him will be Chairman James Morgan.

Morgan, 60, has been a director of the firm since July 2000 and had recently taken the job of chairman and chief investment officer of investment management firm Covenant Capital LLC, a firm he founded.

The company also underlined the fact that Morgan is not just a temporary replacement and it is expected of him to serve as president and CEO for the foreseeable future.

The retiring CEO, Daryl Brewster, will continue with his job until the end of January. He joined Krispy Kreme Doughnuts in March 2006 from Kraft Foods Inc. There he was the group’s vice president and president of its North America snacks and cereals business.

After going public in 2001 with a successful offering, Krispy Kreme has struggled since 2004 after accusations of misconduct by former management, along with healthier eating trends, bankruptcy filings by several of its franchisees and competition from larger rival Dunkin' Donuts.

Krispy Kreme sells a variety of doughnuts, but it is most famous for its traditional glazed doughnut, which the company serves since 1937.