Restaurant executives are the latest wave of workers to join the Great Resignation.
In the past six months, six CEOs of publicly traded restaurant companies have announced plans to retire, retire or move on to a new corporate challenge. Their reports came after a turbulent two years for the restaurant industry, which struggled to survive by blocking a pandemic, a shortage of workers, a roar in the supply chain and incredible food costs.
Private restaurant companies have witnessed such evictions. Chick-fil-A, Torchy’s Tacos and Red Lobster have announced changes to the CEO in recent months.
“Many people had to spend more time at home with their families when the pandemic struck. My feeling is for a lot of CEOs, it was just the opposite, “said Timothy Hubbard, an assistant professor of management at the University of Mendoza’s College of Business in Notre Dame. “They may have been at home, but their workload has simply exceeded.”
While many companies have hired insiders to take over, others are looking for their next CEO, even when their current one leaves.
“My general feeling is that the pandemic plans alone were ruined by the pandemic,” Hubbard said. “This is the case in all industries: succession planning during the pandemic was not a priority and the plans in place did not seem very effective at all.
In some cases, the outgoing CEO may have begun to consider retiring before or during the pandemic. For example, former Starbucks CEO Kevin Johnson said in a retirement announcement that he had signaled to the company’s board about a year earlier that he wanted to leave.
Of course, not all CEOs who retire retire. For example, Johnson’s temporary successor – and predecessor – Howard Schultz, returned earlier this month to lead Starbucks as interim CEO. After a bit of rest and relaxation, some of these corporate leaders were able to return to the game.
Here are the restaurant companies that will see the transition of CEOs this year:
Restaurants Darden
Outgoing CEO of Darden Restaurants Jean Lee
Source: Darden Restaurants
Darden Restaurants CEO Gene Lee announced in December that he would retire on May 29. The board chose Rick Cardenas, its chief operating officer, as its successor. Cardenas also previously served as Darden’s chief financial officer.
“This is the right time for this transition and I look forward to continuing to work as chairman of Darden,” Lee said during a call for the company’s profits in December. “Our company is in a clear position of strength and this is also the right time for me and my family.”
Lee, 60, has led Olive Garden’s parent company since February 2015.
Domino pizza
Richard Alison, CEO of Domino’s Pizza, spoke at CNBC’s Evolve conference in Chicago on September 24, 2019.
Jeff Sheer CNBC
Domino’s Pizza said in early March that CEO Rich Alison would step down on May 1. Alison, 55, will serve as an adviser until his official retirement in July.
“I am now in my life when my wife and I are ready to go home to North Carolina… and I will tell you that I feel really good doing this because the company is in such a fantastic place, right now.” , said the native of Charlotte in an interview with “Mad Money” on CNBC.
Russell Weiner, the company’s chief operating officer, will succeed Alison.
of Denny
John Miller, president and CEO of Denny’s Corp.
Peter Foley Bloomberg | Getty Images
Denny’s CEO John Miller will retire later this year after running the restaurant company for more than a decade. The daily dining sector was particularly hard hit by the pandemic, as visitors were slowly returning to restaurants.
Denny’s is currently looking for a replacement for Miller.
Wingstop
Charles Morrison, CEO, Wingstop
Scott Mill CNBC
After 10 years in office, Wingstop CEO Charlie Morrison resigned in March. But he has no plans to leave the restaurant business. He is now the CEO of Salad and Go, a much smaller Phoenix-based salad chain.
Wingstop has chosen Chief Operating Officer Michael Skipworth as Morrison’s successor. Skipworth has been in the restaurant chain since 2014, before its initial public offering the following year.
El Polo Loco
Former CEO of El Pollo and current CEO of Zaxby Bernard Akoca
Source: Zaxby’s
El Pollo Loco CEO Bernard Acoca resigned in October to look for other options. Two weeks later, the fried chicken chain Zaxby’s announced that Acoca would succeed the company’s founder as CEO. Zaxby’s is privately owned, but has almost twice the size of El Pollo Loco.
El Pollo Loco CFO Larry Roberts was elected interim chief executive, and the board removed the “interim” from his title in March.
Starbucks
Kevin Johnson, CEO, Starbucks
Scott Mill CNBC
In March, Starbucks announced before its annual shareholders’ meeting that 61-year-old Kevin Johnson would retire in early April. His retirement came when Starbucks faced a push from unions from its baristas, among other challenges facing the wider industry.
Former CEO Howard Schultz has returned as interim chief while the board looks for a long-term candidate, although Wall Street is divided over whether Schultz will stay for more than six months.