Dive Brief:
- BJ’s Restaurants CEO and president Gregory S. Levin is stepping down from his executive positions and the board, effective Aug. 28. C. Bradford Richmond, current BJ’s board director and former CFO at Darden Restaurants, has been appointed interim CEO
- Levin has been with the company for 19 years and worked in a variety of executive roles before becoming CEO and president in 2021. He served as CFO prior to his appointment to the top role, per the press release.
- Levin played a key role in stabilizing and reviving the business during tumultuous times, Lea Anne S. Ottinger, BJ’s board chair, said in a statement. During his tenure, the chain reached 217 restaurants in 31 states.
Dive Insight:
Levin’s career with BJ’s spans nearly two decades, and his departure marks the latest in a string of CEO announcements this month as the industry contends with sagging traffic. Levin’s departure from the chain is a termination “without cause” per Levin’s employment agreement from June 30, 2021, according to a U.S. Securities and Exchange Commission filing. It is not related to any disagreement between Levin and BJ’s.
Richmond is expected to help the company reach sustainable comparable sales and net unit growth by working with management and field team leaders, among other initiatives, Ottinger said.
During the second quarter, the chain’s same-store sales declined 0.6%, even though roughly half of its restaurants set sales records during the second quarter, according to an earnings release.
BJ’s is working on improving brand awareness, boosting operational efficiency and enhancing its service model and remodeling its restaurants, Levin said during the company’s recent earnings call.
The casual chain is working to reduce buildout costs and has developed a new restaurant prototype that will cost about $1 million less than the prior model, the company said in the earnings release. The new prototype includes a new bar with a 130-inch television as the centerpiece.
The brand is also in the midst of remodeling its existing restaurants to improve traffic. BJ’s expects to have about half of its units remodeled or built using the new prototype by the end of the year.
Richmond has been on BJ’s board since February and served as CFO at Darden from 2006 to 2015. He also served as Darden’s corporate controller from 2005 to 2006, per the press release. He has held various leadership posts in financing and strategic planning at Olive Garden and Red Lobster starting in 1982. He also has been a board of director of Coast Entertainment Holdings since 2017 and helped turnaround the Main Event brand, eventually leading to its 2022 acquisition by Dave & Buster’s.
“We believe [Richmond’s] leadership style, combined with his depth of experience and expertise as an accomplished public company executive throughout a lengthy career with Darden, will drive operational excellence,” Ottinger said. “His steady hand and disciplined approach to improving financial outcomes has produced a record of enhancing growth and profitability.”
