Noodles & Company Announces Senior Management and Board of Directors Changes
June 14 2017 - 4:30PM
Dave Boennighausen Promoted to Chief Executive
OfficerPaul Murphy Appointed Executive ChairmanSue Daggett Named
Interim Chief Financial Officer
Noodles & Company (NASDAQ:NDLS) today announced that Dave
Boennighausen has been promoted to the permanent role of Chief
Executive Officer of the Company, effective immediately.
Additionally, Paul Murphy has been appointed Executive
Chairman of the Company, effective July 10th. In conjunction
with Mr. Murphy’s appointment, Robert Hartnett will step down as
Chairman of the Company’s board, but will remain a director.
Andrew Taub, Managing Partner at L Catterton and
a director at Noodles and Company stated, “Dave is a proven leader
who has made numerous contributions to the Company during his long
tenure, most recently while serving as our interim Chief Executive
Officer. His financial and business acumen and vision, as
well as his ability to bring people together, have been enormous
assets during this period of transition, and we are confident that
he is the right long-term leader for Noodles & Company going
forward.” Taub continued, “The addition of Paul Murphy as
Executive Chairman is outstanding for Noodles & Company.
Paul has extensive knowledge of the restaurant industry, and brings
with him many years of operational and executive leadership
experience, in addition to a strong track record of enacting
positive change. I speak for the entire Board when I say that
we very much look forward to working under his
stewardship.”
Mr. Boennighausen has served as the Company’s
interim Chief Executive Officer since July of 2016 and as Chief
Financial Officer since July of 2012. He joined the Company’s
board of directors in August of 2015. Prior to being named
Chief Financial Officer, Mr. Boennighausen held various roles since
joining Noodles & Company in 2004, including Vice President of
Finance and Executive Vice President of Finance.
Dave Boennighausen commented, “I am honored to
lead Noodles & Company, as we continue to solidify our
foundation for improved performance across all areas of the
business. We have a unique brand and an experienced and
passionate team, and I believe we are taking the necessary steps in
order to activate the brand and improve momentum. I am
thrilled at the opportunity to work alongside Paul and our entire
board to help us fulfill our potential.”
Mr. Murphy currently serves as Chief Executive
Officer of Del Taco Restaurants, Inc., having held the position
since February of 2009. He has resigned his position effective July
7, 2017 in order to relocate permanently to Denver.
Previously, he held various roles with Einstein Noah Restaurant
Group from 1996 to 2008, including President and Chief Executive
Officer from 2003 until 2009.
Paul Murphy stated, “Noodles & Company is a
truly differentiated brand and I feel privileged to join the
Company at such an exciting time. It is fortuitous that this
opportunity arose just as my wife and I were planning to return to
Denver where we already own a home. I look forward to working
closely with Dave, and contributing to the important work already
being done to get Noodles & Company back on track to take
advantage of the sizable growth opportunity ahead.”
The Company also announced that Sue Daggett has
been named interim Chief Financial Officer. Ms. Daggett has
served as the Company’s Vice President of Finance since August of
2016. Ms. Daggett has extensive restaurant experience, having
previously served as President of Smiling Moose Deli Franchise
Company and in various executive positions at Einstein Noah
Restaurant Group.
The Company’s board of directors has initiated a
search among both internal and external candidates to identity a
qualified individual to serve as the Company’s permanent Chief
Financial Officer.
About Noodles & Company
Noodles & Company is a fast-casual
restaurant chain where globally inspired dishes come together to
create a World Kitchen. Recognized by Parents Magazine as a Top
Family Friendly Restaurant and Health Magazine as one of America’s
Healthiest Fast Food Restaurants, Noodles & Company is a
restaurant where Japanese Pan Noodles rest comfortably next to
Penne Rosa and Wisconsin Mac & Cheese, but where world flavors
don’t end at just noodles. Inspired by some of the world’s most
celebrated flavor combinations, Noodles & Company’s menu offers
soups, salads and shareables, too. Everything is made fresh to
order, just as you like it, using quality ingredients. Dishes are
delivered to the table allowing guests time to sit and relax or
grab a quick bite.
Forward-Looking Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve risks and uncertainties. In some
cases, you can identify forward-looking statements by terms such as
"may," "might," "will," "objective," "intend," "should," "could,"
"can," "would," "expect," "believe," "design," "estimate,"
"predict," "potential," "plan" or the negative of these terms, and
similar expressions intended to identify forward-looking
statements. These statements reflect the Company's current views
with respect to future events and are based on currently available
operating, financial and competitive information. Examples of
forward-looking statements include all matters that are not
historical facts, such as statements regarding the Company's future
financial performance in light of management changes. The Company's
actual results may differ materially from those anticipated in
these forward-looking statements due to reasons including, but not
limited to those discussed in the Company's filings with the
Securities and Exchange Commission, including in its Annual Report
on Form 10-K for the year ended January 3, 2017. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the Company's actual
results, performance or achievements to be materially different
from any future results, performances or achievements expressed or
implied by the statements. Also, the forward-looking statements
contained herein represent the Company's estimates and assumptions
only as of the date hereof. Unless required by United States
federal securities laws, the Company does not intend to update any
of these forward-looking statements to reflect circumstances or
events that occur after the statement is made.
Contacts:
Investor Relations
investorrelations@noodles.com
Media
Danielle Moore
(720) 214-1971
press@noodles.com
Noodles (NASDAQ:NDLS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Noodles (NASDAQ:NDLS)
Historical Stock Chart
From Apr 2023 to Apr 2024