Red Robin Gourmet Burgers, Inc. Announces Retirement of Chief Executive Officer at Year-End 2022
June 22 2022 - 5:30PM
Business Wire
Board of Directors Initiates Search for
Successor
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 Paul Murphy, President and Chief Executive Officer, has
informed the Company’s Board of Directors (the “Board”) that he
intends to retire at the end of 2022 when his employment agreement
expires. Mr. Murphy will be assisting the Board as they search to
identify a successor and will remain as a special advisor until
March 31, 2023 to work with the Board and his successor to ensure a
smooth transition of leadership.
Mr. Murphy is an experienced veteran of the restaurant industry
having begun his career at Bennigan’s and subsequently held
multiple leadership assignments at brands including Einstein/Noah
Restaurant Group, Del Taco Restaurant Group, and Noodles &
Company. He joined Red Robin in October 2019 and advised the Board
at the time that it was his intention to serve for three years as a
transitionary leader to quickly improve operating execution and
overall performance.
Mr. Murphy has led the Company during one of the most tumultuous
eras in the history of the restaurant industry. During his tenure,
Murphy has been able to restore in-restaurant operating execution,
manage the onset and impact of the COVID-19 pandemic and the growth
of off-premises sales, implement an enhanced service model, secure
a new five-year credit facility, and lead the brand to improving
overall performance as the industry continues to recover. These
efforts have positioned the Company to continue executing its
strategic plan to create long-term value for shareholders with
focused initiatives around people, the guest experience, food
quality and innovation, a digital ecosystem, and the rollout of
Donatos® pizza.
Paul Murphy said, “It has been my pleasure and privilege to lead
this iconic brand. While the events experienced during my tenure
were certainly not what I had anticipated when I accepted the role
in 2019, I’m proud of the work that we have done in strengthening
the core of the brand and positioning it for the future. I look
forward to working with the Board to identify, recruit, and
integrate my successor and ensure a seamless changeover in
leadership. Red Robin has a bright future ahead.”
Dave Pace, Board Chair, commented, “We appreciate Paul’s
leadership during this turbulent period and all the work that he
and his team have done to navigate the storm of the last three
years. As was his intention when he joined Red Robin, Paul has
stabilized the foundation and positioned the brand for renewed
growth going forward. On behalf of the Board, I want to thank Paul
for his contributions to Red Robin.”
About Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB)
Red Robin Gourmet Burgers, Inc. (www.redrobin.com), is 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. We believe
nothing brings people together like burgers and fun around our
table, and no one makes moments of connection over craveable food
more memorable than Red Robin. We serve a variety of burgers and
mainstream favorites to Guests of all ages in a casual, playful
atmosphere. In addition to our many burger offerings, Red Robin
serves a wide array of salads, appetizers, entrees, desserts,
signature beverages and Donatos® pizza at select locations. It's
now easy to enjoy Red Robin anywhere with online ordering available
for to-go, delivery and catering, or you can download our new app
for easy customization, access to the Red Robin Royalty® dashboard
and more. There are more than 520 Red Robin restaurants across the
United States and Canada, including those operating under franchise
agreements. Red Robin… YUMMM®!
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220622005755/en/
For media relations questions contact: Joanna Kaufman,
Red Robin Gourmet Burgers, Inc. jkaufman@redrobin.com (410)
458-2308 For investor relations questions contact: Raphael
Gross, ICR (203) 682-8253
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