Big News
Ruby Tuesday to Be Taken Private in $146 Million Deal
By
Austen Hufford
Oct. 16, 2017
Restaurant chain Ruby Tuesday Inc. RT +18.84% is being taken private as it struggles with unprofitability and declining same-restaurant sales amid broader changes in casual dining.
Private-equity firm NRD Capital Management, which has recently invested in other restaurant companies, is buying the casual-dining chain for about $146 million, or $2.40 a share.
The price is a 21% premium to where Ruby Tuesday traded at Friday's close and 37% above where the stock was in early March before the company announced it was exploring strategic alternatives. The deal is expected to be completed during the first quarter of 2018.
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Industry veteran, Sarah Cavey joins Wray Executive Search
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The Wendy's Company Announces Planned Succession For Chief People Officer Role
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Troy Bader to Succeed John Gainor As President and Chief Executive Officer of International Dairy Queen, Inc.
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 Yum China Announces CEO Succession Plan
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On Maxwell Piet was named president and CEO of TooJay's
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Bravo Brio Restaurant Group, Inc. Names Diane D. Reed as Chief Financial Officer
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Blaze Fast-Fire'd Pizza Names Shivram Vaideeswaran As Chief Marketing Officer
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Corner Bakery Cafe Names Donna Josephson Chief Marketing Officer
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Mary C. Egan and Drew Madsen Appointed to Noodles & Company Board of Directors
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Darden Restaurants Reports Fiscal 2018 First Quarter Results And Reaffirms Financial Outlook For The Full Fiscal Year
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Yum China Reports 6% Same-Store Sales Growth and 10% System Sales Growth; Operating Profit Up 11% YoY
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Freshii a dud at Target; eatery will close all 18 Target store locations
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Yoshinoya America Reports Q2 2017 Results: Same Store Sales up 10.2%, Transactions up 6.8%, Average Check up 3.4%
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RAVE Restaurant Group, Inc. Reports Fourth Quarter and Fiscal Year 2017 Financial Results
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Viewpoint
Building a High-Performance Culture
by Bob Gershberg, CEO/Managing Partner Wray Executive Search
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Bob Gershberg |
It is the mission of most leaders to build a high-performance culture, particularly when teeing up for substantive growth. The long revered strategic plan may forge a path but truth be told, its course loses direction when the need to scramble rears its head. A strong and focused talent strategy is paramount in creating a high-performance culture. People policies drive strategy. Leaders must own employee engagement.
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Executive Search Insider
Resume Updating
by Sarah Cavey, Assistant Vice President at Wray Executive Search
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Sarah Cavey |
With Halloween just around the corner, can we have a quick chat about something that seems to be scary for people, from newly graduated students to C-Suite executives?
"Resume writing and updates" Writing or re-writing your resume can be an intimidating process because A) you are being judged based on 1-2 pieces of paper and some ink and B) your next career move and lively-hood depends upon catching someone's eye on paper.
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Executive Chat with Cindy Galardi Culpepper, CEO and Chairman of Wienerschnitzel
by Rebecca Patt, SVP Development, Wray Executive Search
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Rebecca Patt
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Wienerschnitzel CEO Cindy Galardi Culpepper is reenergizing the world's largest hot dog chain with passion and purpose. A chance meeting on Waikiki Beach some 40 years ago united Culpepper with John Galardi, who founded Wienerschnitzel in 1961. After marrying and raising a family for 27 years, they divorced in 2009, remaining friends. Galardi passed away in 2013 and left Culpepper with nearly all the Galardi Group's voting stock. Culpepper stepped in from the sidelines to become CEO, starting a new career for herself and a new era at the company.
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Quotes
"Perfection is not attainable, but if we chase perfection we can catch excellence"
~Vince Lombardi
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What's New?
2017 Fast Casual Executive Summit Preview
by Kevin Stockslager, Associate Vice President at Wray Executive Search
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Kevin Stockslager |
This time next week, restaurant leaders from the fast casual segment will be in Nashville, TN from October 22nd-24th for the annual Fast Casual Executive Summit. Now in its 12th year and billed as not "just another trade show," the conference provides an opportunity for executive leadership to hear from the top minds within the industry, share innovative ideas, and network with other restaurant professionals in a casual work environment. The long list of speakers includes Presidents, Founders, CEOs, COOs, CMOs, and VPs from the nation's leading fast casual brands. Mel Robbins from CNN promises to be an exciting keynote speaker as well. This year's summit looks to be an interesting and informative networking event for all who attend.
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Financials
Meaningful Changes to Restaurant Same Store Sales Components Coming
by John A. Gordon, principal and founder of Pacific Management Consulting Group
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John A. Gordon |
Summary: As restaurants move more into delivery, catering and other new sales platforms, the sales per transaction amount typically rises. That will result in lower customer "traffic" that many restaurants report. This is to be expected. Investors must take a more detailed look at the same store sales components Running positive and ever growing traffic, particularly in the US, may be too high of an expectation now. This is not to rationalize materially lower traffic; that is and always has been a negative indicator of brand deterioration.
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Grumpy Old Restaurant Guy
The Fly Fishing Recruiter
by Tom Rollert, Vice President of Culture Integration, Wray Executive Search
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Tom Rollert |
On the path down to section one on the Green River a couple of years ago I met a guy who was coming back from early morning fishing. When I greeted him with, "How's it going?" he answered back, "The worst day of fly fishing is better than the best day of work!" I gave that response a little thought and realized I was having a tough time agreeing. Now, don't get me wrong: if I were required to spend the rest of my life wading in a free stone river casting flies at trout, it would be great, but I like what I do for a living as well. Fact is, I consider executive recruiting to be competitive with fly fishing.
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