The Company's board of directors also appointed Marc Zanner to the Company's board, which will expand the board from seven to eight members.
Red Robin Gourmet Burgers, Inc., (NASDAQ: RRGB), a casual dining restaurant chain focused on serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today announced the approval by its board of directors for new restaurant development during 2010, and announced the appointment of Marcus 'Marc' Zanner to the Company's board of directors effective June 3, 2009.
The Company's board of directors has recently approved the development of 15 new company-owned Red Robin(R) restaurants in 2010. While planned locations, timing of openings and other details related to new Red Robin restaurant development in 2010 are not available at this time, the Company will maintain broad flexibility and strong capital deployment discipline in any new restaurant development decisions. The Company plans to continue funding new company-owned restaurant development in 2009 and 2010 with operating cash flow and use additional free cash flow to pay down debt and make opportunistic repurchases of the Company's common stock. As previously announced, in fiscal 2009 the Company plans to open 14 to 15 new company-owned restaurants, while franchisees are expected to open five to six new restaurants. Ten new company-owned Red Robin(R) restaurants and three new franchised restaurants have already opened so far in 2009.
The Company's board of directors also appointed Marc Zanner to the Company's board, which will expand the board from seven to eight members. Mr. Zanner is the former president and majority owner of Great Western Dining, which operated more than 40 restaurants, including the 13 Red Robin(R) restaurants in Washington that were purchased by the Company in 2006. He was associated with the institutional sales division of Merrill Lynch for 12 years and has been a member of the board of directors of Fortune Bank in Seattle, Wash., since September 2008. He has also served on the board of directors for the Washington Restaurant Association and the National Restaurant Association. Mr. Zanner graduated from the University of Washington in 1972 with a bachelor's degree in business administration.
'On behalf of the entire board, I am delighted to welcome Marc Zanner to the board of directors of Red Robin,' said Dennis Mullen, Red Robin Gourmet Burgers, Inc. chairman and chief executive officer. 'With his extensive restaurant and financial services experience, his strong leadership background and deep understanding of the Red Robin brand and culture, Marc will be an extremely valuable addition to our board.'