Chief Financial Officer W. Douglas Benn to Retire From The Cheesecake Factory Incorporated
May 11 2017 - 4:15PM
Business Wire
Company Names Matthew Clark CFO to Succeed
Benn
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today
announced that Executive Vice President and Chief Financial Officer
W. Douglas Benn will retire from the Company on July 7, 2017. He
will be succeeded by Matthew Clark, who brings over 11 years of
experience with the Company, most recently serving as Senior Vice
President, Finance and Strategy.
“On behalf of our Board of Directors, management team and all of
our staff, I want to thank Doug for his numerous contributions to
The Cheesecake Factory,” said David Overton, Chairman and Chief
Executive Officer. “He has built a strong finance infrastructure
and team, contributed to our significant growth over the past eight
years, and effectively communicated our story to our investors.
Doug has been a valued leader, colleague and friend, and we wish
him well.”
Overton continued, “Our finance organization will be in
excellent hands under Matt Clark’s leadership. Matt possesses a
deep understanding of our business, as well as the broader
restaurant industry, and is a well-respected leader across the
Company. Matt has a track record of driving sound strategic
decisions, rigorous financial management and continuous process
improvement. This appointment is part of our Board’s long-term
senior management succession planning efforts, and we are confident
that we will experience a smooth transition as Matt takes over as
Executive Vice President and Chief Financial Officer.”
Doug Benn, Chief Financial Officer, commented, “It has been an
honor to help lead this great brand and work alongside people who
are so passionate about serving others and upholding The Cheesecake
Factory’s culture of excellence. Matt has been critical to The
Cheesecake Factory’s strategy and success over the years so I am
confident this will be a seamless transition. In turn, the time is
right for me to pursue other interests, and I look forward to
remaining active in the restaurant industry and beyond in my next
chapter.”
As Senior Vice President, Finance and Strategy, Matt Clark has
overseen the strategy, planning, treasury and risk management
functions at The Cheesecake Factory. He also supported investor
relations as well as corporate governance during his tenure, and
most recently led the Company’s minority investment in two
external, high-growth restaurant brands. Earlier in his career, he
held a number of finance positions of increasing responsibility at
Groupe Danone, Kinko’s and The Walt Disney Company. Clark received
an M.B.A. from the University of Southern California and a B.A. in
Economics and Mathematics from the University of California, Santa
Cruz.
Doug Benn is a veteran of the restaurant industry having spent
more than 25 years in management roles with restaurant companies.
He joined The Cheesecake Factory as Chief Financial Officer in 2009
and helped grow the Company to over $2 billion in annual revenues
while adjusted earnings per share more than tripled. Benn also
contributed to the achievement of several milestones, including the
Company’s international expansion and the initiation of the
Company’s dividend. Prior to joining The Cheesecake Factory, he
served as Executive Vice President and Chief Financial Officer of
RARE Hospitality International, which owned LongHorn Steakhouse and
The Capital Grille preceding that company’s sale to Darden
Restaurants, Inc.
About The Cheesecake Factory Incorporated
The Cheesecake Factory Incorporated created the upscale casual
dining segment in 1978 with the introduction of its namesake
concept. The Company, through its subsidiaries, owns and operates
208 full-service, casual dining restaurants throughout the U.S.A.
and Puerto Rico, including 194 restaurants under The Cheesecake
Factory® mark; 13 restaurants under the Grand Lux Cafe® mark; and
one restaurant under the Rock Sugar Pan Asian Kitchen® mark.
Internationally, 16 The Cheesecake Factory® restaurants operate
under licensing agreements. The Company’s bakery division operates
two bakery production facilities, in Calabasas Hills, CA and Rocky
Mount, NC, that produce quality cheesecakes and other baked
products for its restaurants, international licensees and
third-party bakery customers. In 2017, the Company was named to the
FORTUNE Magazine “100 Best Companies to Work For®” list for the
fourth consecutive year. To learn more about the Company, visit
www.thecheesecakefactory.com.
FORTUNE and FORTUNE 100 Best Companies to Work For® are
registered trademarks of Time Inc. and are used under license. From
FORTUNE Magazine, March 15, 2017 ©2017 Time Inc. Used under
license. FORTUNE and Time Inc. are not affiliated with, and do not
endorse products or services of, The Cheesecake Factory
Incorporated.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company to be materially
different from any future results, performance or achievements
expressed or implied by forward-looking statements, including
uncertainties related to the Company’s ability to: deliver
consistent and dependable comparable sales results over a sustained
period of time; deliver increases in guest traffic; provide a
differentiated experience to guests; outperform the casual dining
industry and increase its market share; leverage sales increases
and manage flow through; increase margins; grow earnings; remain
relevant to consumers; attract and retain qualified management and
other staff; increase shareholder value; profitably expand its
concepts domestically and in Canada, and work with its licensees to
expand its concept internationally; support the growth of North
Italia and Flower Child restaurants; develop a fast casual concept;
utilize its capital effectively and continue to repurchase its
shares; and factors outside of the Company’s control including:
economic and political conditions that impact consumer confidence
and spending; acceptance and success of The Cheesecake Factory in
international markets; the risks of doing business abroad through
Company-owned restaurants and/or licensees; foreign exchange rates
and potential changes in NAFTA and cross border taxation; changes
in unemployment rates; the economic health of the Company’s
landlords and other tenants in retail centers in which its
restaurants are located; the economic health of suppliers,
licensees, vendors and other third parties providing goods or
services to the Company; adverse weather conditions in regions in
which the Company’s restaurants are located; factors that are under
the control of government agencies, landlords and other third
parties; and other risks and uncertainties detailed from time to
time in the Company’s filings with the Securities and Exchange
Commission (“SEC”). Investors are cautioned that forward-looking
statements are not guarantees of future performance and that undue
reliance should not be placed on such statements. Forward-looking
statements speak only as of the dates on which they are made and
the Company undertakes no obligation to publicly update or revise
any forward-looking statements or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required to do so by securities laws.
Investors are referred to the full discussion of risks and
uncertainties associated with forward-looking statements and the
discussion of risk factors contained in the Company’s latest Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K as filed with the SEC, which are available at
www.sec.gov.
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version on businesswire.com: http://www.businesswire.com/news/home/20170511006389/en/
The Cheesecake Factory IncorporatedStacy Feit,
818-871-3000investorrelations@thecheesecakefactory.com
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