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Restaurant Industry News
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Sunday June 11th, 2006 |
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Tom Garrett Appointed Arby's President & Chief Operating Officer
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Arby's Announces Organizational Changes; Steve Hare Joins as New Chief Financial Officer |
Arby's Restaurant Group, Inc., a wholly owned subsidiary of Triarc Companies, Inc. (NYSE: TRY, TRY.B), announced today organizational changes designed to strengthen its management team as Arby's begins to implement multiple growth initiatives, refine operational practices and work toward effecting the possible Triarc corporate restructuring. Arby's is the franchisor of the Arby's(R) restaurant system and the owner and operator of approximately 1,000 Arby's restaurants. There are approximately 3,500 Arby's restaurants worldwide.
Roland C. Smith, Arby's Chief Executive Officer, said today that Thomas A. Garrett has been appointed Arby's President, in addition to continuing to serve as its Chief Operating Officer. Smith also announced that, effective immediately, Stephen E. Hare would become Arby's Chief Financial Officer, replacing Todd D. Weyhrich who is leaving Arby's to pursue other interests. Both Garrett and Hare will report to Smith.
Garrett, 44, was appointed Arby's Chief Operating Officer in July 2005, following Triarc's acquisition of the RTM Restaurant Group ("RTM"), Arby's then largest franchisee. Prior thereto, Garrett was President of RTM, where he held positions of increasing responsibility since 1994. Garrett began his business career in 1980 as an assistant manager of an Arby's restaurant in his hometown of Gadsden, Alabama.
Until recently, Hare, 53, served as Group President of Cadmus Publisher Services Group, a division of Cadmus Communications Corporation, where he also held the position of Executive Vice President and Chief Financial Officer from 2001 to 2003. From 1996 to 2001, Hare was Executive Vice President and Chief Financial Officer of AMF Bowling Worldwide, where he also was a member of the Board of Directors. From 1990 to 1996, Hare was Senior Vice President and Chief Financial Officer of James River Corporation. Prior thereto, he held positions at Kidder, Peabody & Co. and Ernst & Young. Hare is a graduate of the University of Notre Dame, where he earned a BBA degree in Finance and Accounting. He also has an MBA from the Harvard Business School and is a certified public accountant.
Commenting on the Arby's organizational changes, Nelson Peltz, Triarc's Chairman and Chief Executive Officer, said: "In April 2006, Roland Smith returned to Arby's Restaurant Group as Chief Executive Officer. Since then, Roland and his executive team have been working hard to design an organizational structure that will best enable Arby's to achieve its operating and financial goals. The changes announced today give us confidence that Arby's is well positioned to achieve these objectives."
Peter W. May, Triarc's President and Chief Operating Officer, added: "We are delighted that Tom Garrett will assume a larger role at Arby's going forward. Tom has a track record of leadership, operational excellence and cross-functional experience that has earned him tremendous respect from his colleagues, our franchisees and the entire Triarc team. We are also pleased to welcome to Arby's Steve Hare who has extensive experience in leading the financial, accounting and information technology functions of large publicly-held companies."
Roland Smith, Arby's Chief Executive Officer, said: "I am confident that the organizational changes announced today will further strengthen our team and will provide the right structure to deliver our goals. I am excited about the many opportunities ahead for the Arby's system. My team and I also look forward to working closely with Triarc to successfully effect its corporate restructuring."
Triarc is a holding company and, through its subsidiaries, the franchisor of the Arby's(R) restaurant system, which is comprised of approximately 3,500 restaurants. Of these restaurants, more than 1,000 are owned and operated by subsidiaries of Triarc. Triarc also owns an approximate 64% capital interest, a profits interest of at least 52% and approximately 94% of the voting interests, in Deerfield & Company LLC, a Chicago-based alternative asset manager offering a diverse range of fixed income and credit-related strategies to institutional investors with approximately $12.4 billion under management as of April 2, 2006.
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| Last: |
17.30 |
| Time: |
6/9/2006 3:59pm |
| Change: |
0.00 |
| Opened: |
17.27 |
| Day: |
17.32 - 17.05 |
| Volume: |
116200 |
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