The first half of 2023 was marked by significant turnover at the top of the c-suite in restaurants. Some CEOs left to pursue other opportunities, others departed amid federal scrutiny. Some companies brought on new CEOs to steer them through troubled moments or to support ongoing brand turnarounds, as well.
Companies facing major challenges made a number of CEO changes. Restaurant Brands International, faced with trouble in its Burger King U.S. segment, promoted Chief Operating Officer Joshua Kobza to CEO in March. This appointment came in the weeks between franchisee Toms Kings’ bankruptcy filing and franchisee Meridian Restaurants Unlimited’s filing. CKE brought on Papa Johns’ COO, Max Wetzel, as chief executive two months before operational challenges pushed one of its major Hardee’s operators to file for Chapter 11. Grubhub’s CEO Adam Dewitt resigned in March, when the company faced stagnant market share and rumors that its parent company JustEatTakeaway would move to sell it.
Andrew Wiederhorn and Howard Schultz both departed their companies during periods of intensified regulatory scrutiny. Wiederhorn exited Fat Brands in May after a board shakeup that strengthened his family’s hold over the multi-brand company. He was replaced by co-CEOs Ken Kuick and Rob Rosen. Wiederhorn said he was leaving as CEO to spare the company undue distraction from a federal investigation into alleged financial misconduct. Schultz, by contrast, left his role as interim Starbucks CEO nearly two weeks before his scheduled departure, and just 10 days before a Senate hearing where he was to testify about the company’s alleged labor law violations.
There was broader turnover as well, Walk-On’s Sports Bistreaux appointed its second CEO of the year, Chris Dawson, in June. Ray Blanchette left TGI Fridays in May and Blaze Pizza appointed Beto Guajardo in early January, preceding a broader c-suite shift at the pizza chain.
Check out 10 of the most consequential CEO departures of H1 2023 below.
