Expects to report earnings of $0.17 - $0.19 per share for the first quarter of fiscal 2008, including a $0.04 per share non-cash charge associated with an interest rate-swap
Ruth's Chris Steak House, Inc. (Nasdaq: RUTH) today announced that Craig S. Miller has departed from his roles as the Company's Chairman, Chief Executive Officer and President, effective immediately.
Miller had been with Ruth's Chris since March 2004, and led the Company through an IPO, its relocation to Orlando, FL in the aftermath of Hurricane Katrina and the recent acquisition of the Mitchell's Fish Market and related brands.
Robin P. Selati, a Managing Director with Madison Dearborn Partners, the Company's largest shareholder, is returning to the role of Chairman of the Board. Selati stated, 'On behalf of the Company and the remaining Board members, we express our deep and sincere appreciation to Craig and the leadership that he provided the Company during his tenure. We wish him nothing but the best in his future endeavors.'
Mr. Selati added, 'The Company will retain a world-class search firm to identify a successor and will conduct a thorough search. The Board is more than confident that, as a result of the steps that it has taken, there will be no disruption to the Company's business interests during the transitional period.'
In the interim, the Company has formed an Executive Committee to provide leadership during the search process. The Executive Committee is comprised of Geoffrey Stiles, EVP/President of Ruth's Chris Steak House, Damon Liever, EVP/President of Mitchell's Fish Market, Robert Vincent, EVP/Chief Financial Officer and Thomas E. O'Keefe, EVP/Chief Legal and Compliance Officer and will be chaired by Bannus B. Hudson, one of the Company's Board members. Mr. Hudson has previously held CEO positions with several retail companies, including Beverages & More, Inc., U.S. Shoe Corp. and LensCrafters, Inc.
Mr. Hudson stated, 'While I'm saddened to see Craig depart, I look forward to assisting the Company in meeting and successfully surpassing the challenges that stand before it. The Company has a long and storied history and the Board and management team remain committed to ensuring that it maintains and ultimately improves on its current competitive position.'
On Tuesday, the Company announced that it will hold a conference call on May 6, 2008 to report on its earnings for the first quarter of fiscal 2008. The Company expects to report earnings of $0.17 - $0.19 per share for the first quarter of fiscal 2008, including a $0.04 per share non-cash charge associated with an interest rate-swap.
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