Sonic Appoints Chief Brand Officer
August 09 2017 - 4:05PM
Business Wire
Board of Directors approves increase to
dividend program
Sonic Corp. (NASDAQ:SONC), the nation's largest chain of
drive-in restaurants, today announced the appointment of Jose A.
Dueñas as executive vice president and chief brand officer.
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Sonic Corp., the nation's largest chain
of drive-in restaurants today announced the appointment of Jose A.
Dueñas as executive vice president and chief brand officer (Photo:
Business Wire)
Dueñas will be responsible for the end-to-end customer
experience including marketing and culinary innovation, digital
strategy, consumer insights, guest relations, concept development
and overall evolution of the SONIC brand for the long term. He
joins the brand with more than two decades of marketing and brand
senior leadership in the restaurant and consumer packaged goods
industries, most recently leading same-store sales growth and
profitability for Olive Garden where he served as executive vice
president and chief marketing officer.
“I am delighted to welcome Jose to Sonic this month,” said
Clifford Hudson, Sonic CEO. “His experience and impressive track
record complements our recent appointment of Lori Abou Habib as
chief marketing officer. Jose brings broad expertise and talent to
Sonic; we are confident his leadership and expertise will support
continued growth of our brand.”
In his five years with Olive Garden, Dueñas served as marketing
lead with responsibility for brand strategy, food innovation, guest
experience design, advertising and communications, digital and
social media, market research and guest relations. Under his
leadership the brand achieved 11 consecutive quarters of same-store
sales growth, outperforming the industry. Dueñas joined Olive
Garden after 15 years of progressively responsible positions at the
Kellogg Company in the United States and Mexico.
The company also announced that its Board of Directors has
approved the continuation of the Company's quarterly cash dividend
program. Beginning in the first fiscal quarter of 2018, the Company
expects to declare a quarterly dividend of $0.16 per
share of common stock, which represents an increase of 14% from the
current quarterly dividend of $0.14 per share. As
previously announced, a dividend of $0.14 per share is to
be paid to shareholders of record as of the close of business
on August 9, 2017, with a payment date of August 18,
2017. In addition to the dividend, the Board of Directors has
approved an incremental $160 million share repurchase
authorization. The new authorization allows for the repurchase of
up to $160 million of common stock through the end of fiscal
2018.
Future declaration of quarterly dividends and the establishment
of future record and payment dates are subject to the final
determination of the company's board of directors. Share
repurchases may be made from time-to-time in the open market or
otherwise, including through an accelerated share repurchase
program, under the terms of a Rule 10b5-1 plan, in privately
negotiated transactions or in round lot or block transactions.
About Sonic
SONIC, America's Drive-In is the nation's largest drive-in
restaurant chain serving approximately 3 million customers every
day. Nearly 94 percent of SONIC's 3,500 drive-in locations are
owned and operated by local business men and women. For 64 years,
SONIC has delighted guests with signature menu items, 1.3 million
drink combinations and friendly service by iconic Carhops. Since
the 2009 launch of SONIC's Limeades for Learning philanthropic
campaign in partnership with DonorsChoose.org, SONIC has donated
$8.5 million to public school teachers nationwide to fund essential
learning materials and innovative teaching resources to inspire
creativity and learning in today's youth. To learn more about Sonic
Corp. (NASDAQ/NM: SONC), please visit sonicdrivein.com and please visit or follow us on
Facebook and Twitter. To learn more about SONIC's Limeades for
Learning initiative, please visit Limeadesforlearning.com.
This press release contains forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements reflect management’s expectations regarding future
events and operating performance and speak only as of the date
hereof. These forward-looking statements involve a number of risks
and uncertainties. Factors that could cause actual results to
differ materially from those expressed in, or underlying, these
forward-looking statements are detailed in the company’s annual and
quarterly report filings with the Securities and Exchange
Commission. The company undertakes no obligation to publicly
release revisions to these forward-looking statements to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unforeseen events, except as required to be reported
under the rules and regulations of the Securities and Exchange
Commission.
SONC-F
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Sonic Corp.Christi Woodworth, 405-225-5600Vice President of
Public Relations
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