12 Aug 2016 07:00
The Restaurant Group plc
Appointment of new CEO
The Restaurant Group plc (the "Company") announces that after 15 years with the Company, and 2 years as CEO, it has been agreed that Danny Breithaupt will step down from the Board and leave the Company with immediate effect. The Board has completed the initial phase of the operating strategy review, and has decided that a new leader is needed to implement the initial actions and then prioritise the next phase of the review.
The Board thanks Danny for his contribution throughout his time with the business.
Debbie Hewitt, Chairman, said;
"Danny has provided strong operational leadership over the years. He has fully participated in the review of our operating strategy in a professional, conscientious and thorough way. We have agreed that this is an appropriate point for him to handover to a new leader who will implement the initial actions and set the priorities for this next phase of development for the business. We wish him well for the future."
The Board is pleased to announce the appointment of Andy McCue as CEO. He will start with the Company and join the Board on 19th September 2016.
Andy is a proven listed company Chief Executive, having recently held that role at Paddy Power plc, where he embedded a new growth strategy which delivered record revenues and profits, as well as playing a pivotal role in the merger with Betfair plc. Prior to that, he led the Paddy Power UK and Irish retail businesses, having transformed the profitability of the UK business and overseen its development over 8 years. Prior to his ten years with Paddy Power, Andy was a Principal with OC&C Strategy Consultants and a Manager at Andersen.
Andy is currently a Non-Executive Director and Chairman of the Remuneration Committee of Hostelworld plc, a recently listed digital, international travel business.
Debbie Hewitt, Chairman, said;
"I am pleased to welcome Andy to the Company. I am delighted that he will be able to lead the implementation of this initial phase of our operating strategy and then prioritise the ongoing review. Andy brings strong consumer, people and brand-led CEO credentials, with very relevant experience from a multi-site business. His extensive strategic background, coupled with a strong commercial flair, proven hands-on operational expertise and digital credentials, will bring considerable strength and new skills to the leadership of our Executive Team. We welcome him to the Board and very much look forward to working with him.
Between now and Andy joining, I will take a more active role in the business to ensure we maintain momentum on the operating strategy review and that we provide a comprehensive handover to him."
Current Trading
The Company will announce its Interim results on August 26th. The business continues to trade in line with previous guidance. An update on the operating strategy review will be given at the Interim results.
12th August 2016
| The Restaurant Group |
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Debbie Hewitt, Chairman | 020 3117 5001 |
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| Instinctif Partners |
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Matthew Smallwood
| 020 7457 2020 |
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Management changes
The disclosure required by section 430 (2B) of the Companies Act 2006 relating to the departure of Danny Breithaupt from the Company will be published on the Company website once terms have been finalised.
There is no further information in relation to Andy McCue's current or prior directorships that requires notification for the purpose of Listing Rule 9.6.13. His remuneration will be published on the Company website, ahead of the required disclosure in the 2016 Annual Report and Accounts, which will be published in March 2017.
About the Restaurant Group PLC
The Restaurant Group plc operates over 500 restaurants and pub restaurants throughout the UK. Its principal trading brands are Frankie & Benny's, Chiquito, Coast to Coast, a Pub restaurant business and a Concessions business which trades principally in major UK airports.