Morgan to make transition from executive chairman position at Krispy Kreme after 7 months

MarketsAssociated Press

Krispy Kreme Doughnuts' executive chairman is leaving his position after seven months.

The company announced on its website Wednesday that Jim Morgan will become an unpaid, non-executive chairman.

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The change will take effect on Jan. 29, 2015.

The 67-year-old Morgan has served as chairman of the board since 2005.

As part of the Winston-Salem-based company's executive succession plan, Tony Thompson was appointed president and chief executive officer last June. Morgan had held both of those positions before he became executive chairman.