Red Robin Appoints Robert Aiken, Lloyd Hill, and Stuart Oran to the Board of Directors
March 04 2010 - 4:30PM
Business Wire
Red Robin Gourmet Burgers, Inc., (NASDAQ: RRGB) today announced
the appointment of Robert Aiken, Lloyd Hill and Stuart Oran to its
Board of Directors.
“As we have previously announced, the Company’s Board of
Directors has been proactively taking steps to enhance governance
and has been reviewing new board member candidates with industry
expertise. Today, I’m pleased to welcome Bob, Lloyd and Stuart to
the Board of Directors. Each individual possesses a significant
amount of foodservice experience and I look forward to their future
contributions to Red Robin and the Board of Directors,” said Pattye
Moore, Red Robin’s recently appointed independent Board Chair. “In
addition, we are seeking to add one additional experienced director
in the future.”
Robert Aiken is the former President and Chief Executive Officer
of U.S. Foodservice, Inc., one of the country’s premier foodservice
distributors, with annualized revenue of approximately $20 billion
and an array of services to more than 250,000 customers. Under his
leadership, U.S. Foodservice has developed an integrity-based
culture committed to helping customers win, and promoted
industry-leading food safety and quality assurance standards around
the world. Mr. Aiken joined U.S. Foodservice in 2004 and held
several senior executive positions including President and Chief
Operating Officer and Executive Vice President of Sales/Marketing
and Supply Chain, before being named CEO in 2007. Prior to
joining U.S. Foodservice, Mr. Aiken held numerous executive
positions in the food processing and distribution industry. He
began his career as an attorney. He holds accounting and law
degrees from Georgetown University.
Lloyd Hill is the former Chairman and CEO of Applebee’s
International, Inc. Mr. Hill joined Applebee’s in January 1994 and
served in numerous executive and board positions including chief
executive officer and chairman of the board until his retirement in
September 2006. Under his leadership, Applebee’s grew into the
largest casual dining concept in the world, with nearly 1,900
restaurants in 49 states and 17 countries. In 2005, Hill was named
by Institutional Investor magazine as one of America's Best CEOs
and as one of the top-performing CEOs within the restaurant
industry. He also was named 2005 Operator of the Year by the
operators-readers of Nation’s Restaurant News. Prior to joining
Applebee’s, Hill served in executive positions at Kimberly Quality
Care and Marion Health and Safety. Mr. Hill is on the board of
numerous professional and community organizations.
Stuart Oran is the Managing Member of Roxbury Capital Group LLC,
a merchant banking firm he founded in 2002, and a co-founder of
Bond Street Holdings LLC, formed to acquire failed banks in
FDIC-assisted transactions. Mr. Oran has served on the Boards of
Directors of a number of public and private companies, including
Wendy’s International, Inc. (WEN), Deerfield Capital Corp. (DFR),
and United Air Lines, Inc. (operating airline subsidiary of UAL
Corporation). During his tenure at Wendy’s, Mr. Oran was an active
participant on the Strategic Planning Committee overseeing
development of a new strategic plan, brand reinvigoration, and a
new marketing focus; was actively involved on the Finance Advisory
Committee, overseeing major asset dispositions; and was Chairman of
the Franchisee Relations Committee, established to improve
communication with Wendy’s franchisees. From 1994 to 2002, Mr. Oran
held a number of senior executive positions at UAL Corporation,
including Senior Vice President-International, with responsibility
for United’s $6 billion International Division. Prior to joining
UAL, Oran was a corporate partner at the New York law firm of Paul,
Weiss, Rifkind, Wharton & Garrison.
The Company will increase the size of the Board to 11 members
with the appointment of Mr. Aiken as a Class I director, and Mr.
Hill and Mr. Oran as Class II directors. The terms of Edward Harvey
and Gary Singer, who have decided not to stand for re-election,
shall expire at the 2010 Annual Meeting.
The Company will be proposing that shareholders approve a
majority voting standard for uncontested director elections at the
upcoming 2010 annual meeting. The Board has also approved an
amendment to the Company’s equity incentive plan to prohibit
actions such as option re-pricings and option cash tender offers,
without shareholder approval.
The Company also announced that it had reached an agreement with
institutional shareholder Clinton Group, Inc. (“Clinton”) and
Spotlight Advisors, LLC (“Spotlight”) under which, among other
things, Clinton and Spotlight have agreed not to take certain
actions during a “standstill” period that expires on December 31,
2010, or under certain circumstances, such earlier date as defined
under the agreement.
“We appreciate the Board's swift and thoughtful response to our
concerns on behalf of all shareholders," said Gregory P. Taxin,
Managing Member of Spotlight. "We believe the changes the Company
is announcing today lay the foundation for future success and
growth and for the creation of significant shareholder value."
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., serves up
wholesome, fun, feel-good experiences in a family-friendly
environment. Red Robin® restaurants are famous for serving more
than two dozen insanely delicious, high-quality gourmet burgers in
a variety of recipes with Bottomless Steak Fries®, as well as
salads, soups, appetizers, entrees, desserts, and signature Mad
Mixology® Beverages. There are more than 430 Red Robin® restaurants
located across the United States and Canada, including
company-owned locations and those operating under franchise
agreements.
Red Robin Gourmet Burgers (NASDAQ:RRGB)
Historical Stock Chart
From Jun 2024 to Jul 2024
Red Robin Gourmet Burgers (NASDAQ:RRGB)
Historical Stock Chart
From Jul 2023 to Jul 2024