Krispy Kreme, Inc. (the Company) elected Philip Telfer to the Board. Mr. Telfer has been named to the Audit & Finance Committee of the Board. Mr. Telfer will participate in the Company's director compensation program. Mr. Telfer is not a party to any material plan, contract, or arrangement in connection with his election to the Board. Mr. Telfer will serve for an initial term to expire concurrently with the terms of the other members of the Board at the Company's 2023 Annual Shareholders Meeting, or until his earlier death, resignation, or removal. The Board has determined that Mr. Telfer is an independent director as defined under the listing requirements of Nasdaq. With Mr. Telfer's addition to the Board and the departures noted below, the Board now has six independent directors and five non-independent directors. The independent directors now constitute a majority of the Board. Departure of Director: On September 14, 2022, Patricia Capel and Ozan Dokmecioglu, both members of the Board, notified Michael Tattersfield, the Chief Executive Officer of the Company, of their resignation from the Board, to be effective on September 15, 2022. Ms. Capel and Mr. Dokmecioglu's notices were accepted by the Company upon receipt. At the time of acceptance, Ms. Capel and Mr. Dokmecioglu were not members of a Board committee. Ms. Capel and Mr. Dokmecioglu's transitions were not caused, in whole or in part, by a disagreement with the Company or the Board.
On behalf of the Company's shareholders, the Board expresses gratitude for the significant contributions made by Ms. Capel and Mr. Dokmecioglu during their tenure as directors and thanks them for their service to the Board and the Company. Additionally, the Board recognizes the judgment, insight, and wise counsel of Ms. Capel and Mr. Dokmecioglu have been invaluable and greatly contributed to the ongoing success of the Company during their service. The Board wishes Ms. Capel and Mr. Dokmecioglu continued success in the future.
Krispy Kreme, Inc. and its subsidiaries operate through an omni-channel business model to provide doughnut experiences and produce doughnuts for Doughnut Shops, Delivered Fresh Daily (DFD) outlets, and Ecommerce and delivery channels, expanding consumer access to the Krispy Kreme brand. The Company operates through three segments: U.S., International, and Market Development. U.S. segment includes all its Company-owned operations in the U.S., including its Krispy Kreme-branded shops and Insomnia Cookies Bakeries, DFD, and the recently exited Branded Sweet Treats business. International segment includes all its Krispy Kreme Company-owned operations in the U.K., Ireland, Australia, New Zealand, and Mexico. Market Development segment includes its franchise operations across the globe, as well as its Company-owned operations in Japan and Canada. It operates in 35 countries through its network of fresh doughnut shops, partnerships with retailers, ecommerce, and delivery business.