Business briefs for Dec. 23, 2003

Tuesday, Dec. 23, 2003 | 11:05 a.m.

CFO named

WINSTON-SALEM, N.C. -- Krispy Kreme Doughnuts Inc. Tuesday said it ended its long-running search for a chief financial officer by naming Michael Phalen to the post, effective Jan. 5.

The Winston-Salem-based doughnut maker has been searching for a chief financial officer since April, when it named Randy Casstevens chief governance officer.

Casstevens said at the time that he'd continue in his role as chief financial officer, a job he'd had since January 2002, until Krispy Kreme found a successor.

Krispy Kreme said Casstevens, who has been with the company since 1993, has decided to resign from the company altogether to pursue personal interests.

Report: Merger considered

NEW YORK -- The Nasdaq Stock Market approached the New York Stock Exchange about a merger, the Wall Street Journal reported, citing unidentified people familiar with the situation.

Nasdaq Chief Executive Robert Greifeld told Bloomberg News that there was "nothing behind the report" and declined to comment further. The Journal said Greifeld approached the NYSE three weeks ago, and the process is at a very early stage. No formal proposal has been made, and serious talks haven't begun, the newspaper said.

A decision on whether to go ahead with talks will be made by John Thain, the NYSE's newly appointed chief executive, the Journal said. Thain said last week that the role of electronic trading may expand at the NYSE, where the trading floor is dominated by the specialists who oversee the buying and selling of shares in the exchange's 2,600 stocks. On the Nasdaq, shares are traded electronically.