CoolBrands International Inc., Toronto, was quick to name a new CEO after Richard Smith, co-chairman and co-CEO of the company died last month. A company spokesman said Smith, 64, died at a hospital outside New York City after an operation for an undisclosed ailment.

CoolBrands' board has named David Stein, previously president and co-chief executive officer, to become sole CEO and co-chairman. Smith founded ice-cream maker Frusen Gladje in 1980 and sold it to Kraft Foods Inc., in 1985.

"Everyone at CoolBrands is deeply saddened at Richard Smith's tragic passing," stated Michael Serruya, co-founder of the company and co-chairman of the board. "Richard was a visionary in our industry, and many of our company's achievements are a testament to Richard's leadership and energy."