Executive Movements — April 2008
DUBLIN, Ohio — A former WENDY´S INTERNATIONAL INC. executive has come out of retirement to rejoin the company as its chief of North American operations. STEVE FARRAR, 57, will take up the newly created post on April 14, Wendy´s said. Farrar had worked as senior vice president of the Western region for Wendy´s from 1992 until 2006, when he opted to take an early retirement package from the franchisor. He was among several executives who left at that time as Wendy´s sought to cut corporate costs by $100 million in a turnaround bid. In his new role, Farrar will oversee restaurant operations at company and franchised units in the United States and Canada. He will report to chief operations officer DAVE NEAR.- DUBLIN, Ohio — WENDY´S INTERNATIONAL INC. has accepted the resignation of the self-described “deal guy” who orchestrated what turned out to be largely unsuccessful acquisitions in 2002 of three smaller chains for $296 million. JONATHAN F. CATHERWOOD, executive vice president of mergers and acquisitions, who acknowledged it was unusual he also was made corporate treasurer in 2004, will be relinquishing both posts and leaving the company May 3, Wendy´s told securities regulators Tuesday. Catherwood´s resignation follows that of JEFFREY M. CAVA as Wendy´s executive vice president of human resources. Catherwood, formerly an investment banker and acquisition strategist for GTE Corp., joined Wendy´s in 2001, when the company was seeking to diversify under then-CEO Jack Schuessler. Catherwood led the $9 million buyout of Houstonbased Cafe Express, which was followed within months by the $275 million purchase of another fast-casual chain, Baja Fresh Mexican Grill of Thousand Oaks, Calif., and a $12 million deal to buy a stake in the full-service Pasta Pomodoro chain in San Francisco. Baja Fresh was sold in late 2006 for $31 million, followed by the sale of Cafe Express for an undisclosed sum. Last April, Wendy´s announced a strategic review that would include its consideration of a possible sale of the entire company. One confirmed but unspecified buyout bid for the No. 3 burger brand was made late last year by Arby´s parent Triarc Cos. Early this year Wendy´s said a special committee was in the final stages of the review process. However, Wendy´s has yet to announce a date for its annual shareholder meeting, which usually is held in April.
TAMPA, Fla. — SHELLS SEAFOOD RESTAURANTS has hired New York restaurant veteran MARC BERNSTEIN as chief executive of the 23-unit chain, effective April 14. Bernstein replaces LESLIE CHRISTON, who left Shells last month. The company also said chief financial officer WARREN R. NELSON, who was named interim president after Christon´s departure, will retain that role permanently and remain CFO. Bernstein joins Shells after 10 years at New York City-based Dallas BBQ, where he was director of operations.
MINNEAPOLIS — BUFFALO WILD WINGS INC. said director JAMES M. DAMIAN was named chairman of the board. He succeeds WARREN E. MACK, who has been interim chairman since last August, following the retirement of Kenneth H. Dahlberg. Damian, who joined BWW´s board in 2006, is senior vice president of Best Buy Corp.´s Experience Development Group and a 10-year veteran of the electronics retailer. Minneapolis-based Buffalo Wild Wings and its franchisees operate 501 restaurants in 37 states.
MANHATTAN BEACH, Calif. — Smoothie chain franchisor ROBEKS CORP. reportedly has named JOHN SHEPPARD interim president and chief executive to succeed SHERI MIKSA, who resigned this month after less than two years with the company. No reason was given for her departure. Sheppard, described as a former president of Coca-Cola´s European operations, is a member of Robeks´ board of directors and an operating partner at EMIGRANT CAPITAL, which holds a substantial equity stake in Robeks. Miksa led the 138-unit chain after a stint as president and CEO of Rubio´s Restaurants Inc.
GLENDALE, Calif. — IHOP CORP. has named JOHN JAKUBEK senior vice president of human resources, effective March 31, in which capacity he will oversee personnel matters for the IHOP and Applebee´s chains and lead their “cultural integration,” the company said Tuesday. He also will lead all staffing, staff development, succession planning, benefits and labor-related legal compliance efforts. Jakubek was senior VP of HR for Oakwood Worldwide, and before that was HR VP for ConAgra Foods and an HR official for such companies as PepsiCo and Miller Brewing.
TORONTO — PRISZM INCOME FUND, which holds a 60 percent interest in PRISZM LP, owner-operator of 465 KFC, Pizza Hut and Taco Bell restaurants across Canada, promoted three executives in top leadership posts, effective April 24. Chairman and CEO JOHN BITOVE will become executive chairman; president and COO JEFF O´NEILL will become CEO; and the head of Priszm´s KFC/Taco Bell operating and purchasing group, STEVE LANGFORD, will become president, with responsibility for the brands´ operations and marketing. Additionally, STEVEN BOYACK was named chief financial officer, replacing PETER WALKEY, who resigned. Boyack was CFO of West 49 Inc., a Canadian specialty retailer. Priszm´s restaurants, licensed from Louisville, Ky.-based YUM! BRANDS INC., serve 1.5 million customers
SAN DIEGO — JOHN WRIGHT will step down as chairman and chief executive of the PAT & OSCAR´S fast-casual chain by the end of March as part of a planned management transition, company officials said Monday. Wright, who lives in Charleston, S.C., said he wanted to end his cross-country commute to Pat & Oscar´s headquarters in San Diego. Over the past two years, Wright has headed the 19-unit chain under its parent, Australia´s PACIFIC EQUITY PARTNERS, which last year put Pat & Oscars and the Sizzler USA grill chain up for sale. Upon Wright´s departure, Pat & Oscar´s chief operating officer, GEORGE HUNTER, and chief financial officer, BRENT DUNKIN, will have day-to-day responsibility. Wright plans to take a more active role in RESTAURANT CONNECTIONS INTERNATIONAL, a PIZZA HUT franchisee in Brazil in which he is a shareholder.
INDIANAPOLIS — STEAK N SHAKE has named a new interim chairman and chief executive and an interim president following a shareholder vote that ousted chairman ALAN GILMAN. The company named board member WAYNE KELLEY interim chairman and CEO to replace Gilman, a 16-year Steak n Shake veteran who was named interim CEO last August. The company appointed chief financial officer JEFFREY BLADE to the additional post of interim president of the chain of more than 490 restaurants. At last week´s annual shareholder meeting, Gilman and director JAMES WILLIAMSON JR. failed to win re-election to the board as activist investor SARDAR BIGLARI won directorships for himself and colleague PHILIP COOLEY.