Red Robin Announces Retirement of President and CEO Denny Marie Post
April 03 2019 - 4:30PM
Business Wire
Board of Directors Forms Search
Committee
Board Chair Pattye Moore to Serve as Interim
CEO
Red Robin Gourmet Burgers, Inc., (NASDAQ:RRGB), a full-service
restaurant chain serving an innovative selection of high-quality
gourmet burgers in a family-friendly atmosphere,
today announced that following discussions with the Board of
Directors, Denny Marie Post has chosen to retire as President and
CEO on April 3, 2019. The Board of Directors has formed a search
committee to identify her successor and also appointed Pattye
Moore, Board Chair, as Interim CEO.
Ms. Moore has been a director of Red Robin since 2007 and Board
Chair since 2010. She previously served as a Board Member and
President at Sonic Corp. among other executive positions during her
12 years with the brand.
"We want to recognize Denny for her leadership, commitment to
and passion for the Red Robin brand over the last seven years in
her roles as CMO, President and CEO. On behalf of the board, I want
to thank Denny for her contributions and wish her well in
retirement," said Pattye Moore, Board Chair and Interim CEO.
“The board intends to move quickly on the search process as the
Company continues to execute our turnaround plan in this
challenging and rapidly evolving casual dining landscape. Our
search effort will focus on identifying an external candidate who
recognizes the urgency of strengthening and stabilizing our dine-in
business as well as the importance of continuing our evolution to
an omni-channel brand that can provide customers with exceptional
experiences and our craveable food where, when and how they want
it,” added Pattye Moore, Board Chair and Interim CEO.
“My years at Red Robin have been by far the most satisfying of
my career. We made great strides evolving the brand and have a
strategy in place which will ensure Red Robin serves generations of
families for years to come. I am confident the team will continue
to realize that vision,” said Denny Marie Post.
Ms. Post will serve as an advisor as the search committee
identifies a new CEO.
Pattye Moore, Board Chair and Interim CEO, concluded, “Through
the first three periods of the fiscal first quarter ending March
24, 2019, comparable restaurant revenue, using constant currency
rates, has decreased 3.6%. This reflects, in part, the challenging
weather that affected several regions of the US. The weather impact
for these periods, estimated to be 100 to 150 basis points,
primarily drove sales performance below our expectations.”
About Red Robin Gourmet Burgers, Inc. (NASDAQ:RRGB)
Red Robin Gourmet Burgers, Inc. (www.redrobin.com), a casual
dining restaurant chain founded in 1969 that operates through its
wholly-owned subsidiary, Red Robin International, Inc., and under
the trade name Red Robin Gourmet Burgers and Brews, is the Gourmet
Burger Authority™, famous for serving more than two dozen
craveable, high-quality burgers with Bottomless Steak Fries® in a
fun environment welcoming to guests of all ages. Whether a family
dining with kids, adults grabbing a drink at the bar, or teens
enjoying a meal, Red Robin offers an unparalleled experience for
its guests. In addition to its many burger offerings, Red Robin
serves a wide variety of salads, soups, appetizers, entrees,
desserts, and signature beverages. Red Robin offers a variety of
options behind the bar, including its extensive selection of local
and regional beers, and innovative adult beer shakes and cocktails,
earning the restaurant a VIBE Vista Award for Best Beer Program in
a Multi-Unit Chain Restaurant. There are more than 570 Red Robin
restaurants across the United States and Canada, including
locations operating under franchise agreements. Red Robin… YUMMM®!
Connect with Red Robin on Facebook, Instagram, and Twitter.
Forward-Looking Statements
Forward-looking statements in this press release regarding the
Company’s refranchising efforts and its goal for its franchise mix
and all other statements that are not historical facts, are made
under the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These statements are based on
assumptions believed by the Company to be reasonable and speak only
as of the date on which such statements are made. Except as
required by law, the Company undertakes no obligation to update
such statements to reflect events or circumstances arising after
such date, and cautions investors not to place undue reliance on
any such forward-looking statements. Forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those described in the statements based on a
number of factors, including but not limited to the following: the
effectiveness of the Company’s strategic initiatives, including the
effectiveness of the Company’s affordability, service improvement,
technology, and off-site initiatives to drive traffic and sales;
the ability to increase labor productivity through alternative
labor models, and to train the Company's workforce for service
execution complexities related to growth of multiple revenue
streams in the restaurant; the success of the Company's
refranchising efforts; and other risk factors described from time
to time in the Company’s Form 10-K, Form 10-Q, and Form 8-K reports
(including all amendments to those reports) filed with the U.S.
Securities and Exchange Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20190403005846/en/
Investor Relations:Don Duffy,
ICR203.682.8215don.duffy@icrinc.com
Raphael Gross, ICR203.682.8253raphael.gross@icrinc.com
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