Dive Brief:
- Bloomin’ Brands CEO David Deno will retire after 12 years with the company, including five as CEO and a board member, the company said Tuesday in a press release.
- The board of directors has begun a search for his successor.
- Deno will continue in his role until a successor is chosen and a transition period has been completed.
Dive Insight:
Deno’s career included 15 years at Pizza Hut and Yum Brands. He held several positions, including CFO for Pizza Hut as well as CFO for Yum’s International Division and Yum Brands, and COO of Yum. He began his hospitality career at Burger King, where he held various finance positions, according to his LinkedIn profile.
Deno joined Bloomin’ in 2012 as executive vice president and CFO and has been on the board since 2019 when he became CEO. Prior to joining Bloomin’, he worked as Best Buy’s president of Asia and CFO for the international division.
“David has strengthened the financial foundation at Bloomin’ Brands through better profitability and a stronger balance sheet, which is especially impressive given nearly half of his CEO tenure was during COVID,” said Michael Mohan, chairman of the Bloomin’ Brands board of directors. “He is also credited with optimizing our international presence, especially in Brazil.”
This year, Bloomin’ CFO Christopher Meyer also retired. He was succeeded by Michael Healy who was promoted from executive vice president of global business development. Healy has been with the company for more than 15 years.
Deno will leave Bloomin’ on fairly sound financial footing, despite recent difficulties within the casual dining chain. Its combined U.S. business had same-store sales declines of 1.6% in the first quarter of 2024, but the company expects same-store sales for the year to be flat or up 1.5%, according to an earnings release.
Bloomin’ also is working on improving its finances. It shuttered 36 underperforming restaurants last quarter and it is considering strategic alternatives for its Brazil business, including a potential sale.
Other major restaurant brands are undergoing leadership change. Papa Johns is looking for a new CEO after Rob Lynch said he was resigning to take the CEO position at Shake Shack. Checkers & Rally’s is also searching for a new CEO after Frances Allen announced her plans to leave the company in September.
