Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) yesterday announced that its Board of Directors has named David A. Pace as Board Chairman, effective November 1, 2019.
Mr. Pace was appointed to Red Robin’s Board on August 6, 2019 as part of a refreshment that resulted in the addition of three new, independent directors. Mr. Pace most recently served as Chief Executive Officer of Jamba Juice, Inc., where he led a significant brand repositioning and drove substantially improved profit performance culminating in a strategic sale of the company. He has more than 30 years of leadership and turnaround experience in the food, beverage and retail industries, among others.
“Dave’s extensive track record of improving performance and leading successful transformations makes him ideally suited for the role of Red Robin’s Chairman,” said retiring Board Chair Pattye Moore. “The Board and management team have made significant progress stabilizing the business and laying the foundation for long-term success. We look forward to leveraging Dave’s insights, leadership and guidance to restore long-term growth and improve profitability.”
Paul J.B. Murphy III, Red Robin’s President, Chief Executive Officer and a member of the Board, said, “The Board and management team are pleased to welcome Dave as our next Chairman. We are excited to be working with him as we continue building on Red Robin’s momentum and driving business improvement to enhance value for all Red Robin stakeholders, including our shareholders, Guests, franchisees and Team Members.”
“I appreciate the opportunity to serve as Chairman of Red Robin, an iconic brand with a rich history and deeply loyal customer base,” said Mr. Pace. “Since joining the Board in August, I have seen the focus and commitment of the entire Red Robin team as they continue to execute on the five pillars of the Company’s strategic plan. I intend to work with our newly restructured Board, along with Paul and his management team, to enhance Red Robin’s operational and financial performance and create significant shareholder value.”
The Company noted that as part of its previously-announced Board refreshment, Ms. Moore will retire from the Board at the end of 2019. Aylwin Lewis will retire from the Board effective November 1, 2019, and Stuart Oran will not stand for re-election at the Company’s 2020 Annual Meeting of Stockholders. Following these changes, and including the August 2019 appointments of Mr. Pace, Tom G. Conforti and G.J. Hart, as well as the September 2019 appointment of Mr. Murphy when he was named President and CEO, the Company’s Board will consist of eight directors, seven of whom are independent.
David A. Pace was appointed to the Red Robin Board in August 2019. He brings more than 35 years of leadership experience in a range of industries including food and beverage retail, consumer products, entertainment and ecommerce. From 2016 to 2018, he served as Chief Executive Officer of Jamba Juice, Inc., where he led the brand through a highly successful repositioning and sale. Prior to that, he served as President of Carrabba’s Italian Grill, from 2014 to 2016, where he oversaw broad operational changes, significant margin improvement and accelerated profit growth. From 2010 to 2014, Mr. Pace served as the Executive Vice President and Chief Resource Officer at Bloomin’ Brands, the $4.1 billon parent company of Outback Steakhouse, where he was responsible for real estate development and human capital deployment across approximately 1,500 restaurants, 100,000 team members and five brands.
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