The Board of Directors of Jack in the Box Inc. (NASDAQ: JACK) today announced that it has retained Spencer Stuart to assist the company in identifying an individual to succeed its Chairman and Chief Executive Officer, Lenny Comma. Although Mr. Comma has not set a specific date to leave the company, he has informed the Board that he believes now is an appropriate time for the company to move forward with identifying a successor with whom Mr. Comma can work on a smooth and efficient transition of leadership. The Board’s search will include both internal and external candidates.
“I’m proud of what the company has been able to accomplish during my tenure as Chairman and CEO,” said Comma. “Since 2014, we’ve sold Qdoba, finished our evolution to an asset-light brand by completing our refranchising efforts, gone through a rigorous strategic alternatives process, completed a very complex $1.3 billion securitization transaction, dramatically strengthened our operations leadership bench, and recently concluded our ninth straight year of system same-store sales growth.” Comma continued, “I’m committed to working with the Board to identify a successor who will continue to grow this exceptional brand, and to working closely with that successor to assure a smooth and successful leadership transition for the company and its stakeholders, including our incredible guests, employees, franchisees, suppliers and, of course, shareholders.”
“Lenny’s positive impact on Jack in the Box and its stakeholders during his 18 years with the company and six years as Chairman and CEO is difficult to overstate,” said Lead Director David Goebel. “We’re happy to be working with Spencer Stuart to identify a leader from both an internal and an external pool of candidates who can work from the strong foundation that Lenny has helped build and take the company to new heights. The Board is grateful for Lenny’s willingness to work with us to assure a seamless transition of his leadership role, and we will proceed diligently to find another world-class leader for the Jack in the Box organization.”
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