Ruth’s Hospitality Group, Inc. Announces Mike O’Donnell’s Retirement As Executive Chair
July 09 2020 - 4:05PM
Business Wire
O’Donnell to Continue on Board of
Directors
Ruth’s Hospitality Group, Inc. (NASDAQ: RUTH) (the “Company”),
one of the largest upscale steakhouse companies in the world, today
announced that Michael O’Donnell, the Company’s current Executive
Chairman, will retire effective December 9,2020. Following this
date, O’Donnell will remain as member of the Board of
Directors.
Mike O’Donnell stated, “It’s been a privilege to serve as
Executive Chair of Ruth’s Chris for the past two years. The Company
has grown and flourished, and despite recent challenges posed by
Covid19, I have total confidence that Cheryl Henry and the senior
team will execute its recovery plan and continue to build our
iconic, resilient brand”. O’Donnell continued, “Moving forward, I
will focus my energy on serving as a Board member and will continue
to support and safeguard Ruth’s Chris and it’s 55-year history of
serving guests, supporting team members and delivering consistent
returns to shareholders.”
About Ruth’s Hospitality Group, Inc.
Ruth's Hospitality Group, Inc., headquartered in Winter Park,
Florida, is the largest fine dining steakhouse company in the U.S.
as measured by the total number of Company-owned and
franchisee-owned restaurants, with over 150 Ruth’s Chris Steak
House locations worldwide specializing in USDA Prime grade steaks
served in Ruth’s Chris’ signature fashion – “sizzling.”
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” that
reflect, when made, the Company’s expectations or beliefs
concerning future events that involve risks and uncertainties.
Forward-looking statements frequently are identified by the words
“believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,”
“targeting,” “will be,” “will continue,” “will likely result,” or
other similar words and phrases. Similarly, statements herein that
describe the Company’s objectives, plans or goals, including with
respect to new restaurant openings and acquisitions, capital
expenditures, strategy, financial outlook, cash burn rate, our
effective tax rate and the impact of healthcare inflation and
recent accounting pronouncements, also are forward-looking
statements. Actual results could differ materially from those
projected, implied or anticipated by the Company’s forward-looking
statements. Some of the factors that could cause actual results to
differ include: the negative impact the COVID-19 pandemic has had
and will continue to have on our business, financial condition and
results of operations reductions in the availability of, or
increases in the cost of, USDA Prime grade beef, fish and other
food items; changes in economic conditions and general trends; the
loss of key management personnel; the effect of market volatility
on the Company’s stock price; health concerns about beef or other
food products; the effect of competition in the restaurant
industry; changes in consumer preferences or discretionary
spending; labor shortages or increases in labor costs; the impact
of federal, state or local government regulations relating to
income taxes, unclaimed property, Company employees, the sale or
preparation of food, the sale of alcoholic beverages and the
opening of new restaurants; harmful actions taken by the Company’s
franchisees; the inability to successfully integrate franchisee
acquisitions into the Company’s business operations; economic,
regulatory and other limitations on the Company’s ability to pursue
new restaurant openings and other organic growth opportunities; a
material failure, interruption or security breach of the Company’s
information technology network; the Company’s indemnification
obligations in connection with its sale of the Mitchell’s
Restaurants; the Company’s ability to protect its name and logo and
other proprietary information; an impairment in the financial
statement carrying value of our goodwill, other intangible assets
or property; the impact of litigation; the restrictions imposed by
the Company’s credit agreement; changes in, or the suspension or
discontinuation of, the Company’s quarterly cash dividend payments
or share repurchase program; and the inability to secure additional
financing on terms acceptable to the Company.
For a discussion of these and other risks and uncertainties that
could cause actual results to differ from those contained in the
forward-looking statements, see “Risk Factors” in the Company’s
Annual Report on Form 10-K for the fiscal year ended December 29,
2019, “Risk Factors” in the Company’s Quarterly Report on Form 10-Q
for the quarter ended March 29, 2020, and the Company’s other
filings with the Securities and Exchange Commission (“SEC”). Such
filings are available on the SEC’s website at www.sec.gov. All
forward-looking statements are qualified in their entirety by this
cautionary statement, and the Company undertakes no obligation to
revise or update this press release to reflect events or
circumstances after the date hereof. You should not assume that
material events subsequent to the date of this press release have
not occurred.
Unless the context otherwise indicates, all references in this
report to the “Company,” “Ruth’s,” “we,” “us”, “our” or similar
words are to Ruth’s Hospitality Group, Inc. and its subsidiaries.
Ruth’s Hospitality Group, Inc. is a Delaware corporation formerly
known as Ruth’s Chris Steak House, Inc., and was founded in
1965.
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version on businesswire.com: https://www.businesswire.com/news/home/20200709005784/en/
Investor Relations Fitzhugh Taylor (203) 682-8261
ftaylor@icrinc.com
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