Dive Brief:
- Jack in the Box on Friday named industry veteran Timothy Mullany its new CFO, effective Jan. 18, 2021, the latest in a string of CFO changes within the restaurant space.
- "[Tim] has demonstrated strong financial leadership while supporting growing businesses in the restaurant industry," CEO Darin Harris said in a statement. "We are confident in his executive leadership ability to help continue [Jack in the Box's current] momentum."
- Mullany replaces Dawn Hooper, the company's controller, who had been serving as interim CFO since its CFO of two years, Lance Tucker, resigned in June.
Dive Insight:
Mullany brings over two decades of financial experience in the restaurant industry. He will arrive from the CFO post at Denver, Colorado-based health club VASA Fitness.
Mullany's hire follows a year of commotion for the fast food company. In December 2019, its former CEO, Lenny Comma, stepped down, citing years of "franchisee unrest, activist investor pressure and the exploration of a sale," Restaurant Dive reported at the time.
Harris, Comma's successor, was named five months later, in April, while the chain was navigating lease negotiations and working to keep its locations open amid pandemic-related indoor dining restrictions.
Mullany's specialized expertise stems from his time as CFO of multiple restaurant groups across the country.
From 2014 to 2018, he led finance at RAVE Restaurant Group, where he helped scale Pie Five Pizza, its principal brand, from regional startup into one of the nation's leading fast casual pizza concepts, the release states.
Prior to RAVE, Mullany served as CFO of Restaurants Unlimited, as well as Consumer Capital Partners, which franchises and operates the Smashburger and Quiznos brands.
Before moving into the restaurant industry, Mullany led finance at Global Portfolio Advisors Ltd, its affiliate Outpost International, and Sea Research Foundation. He also founded and led Mystic Entertainment Company within the Mystic Aquarium in Connecticut between 2004 and 2007.
Mullany began his career in private equity and investment banking at J.P. Morgan and Bank of America, respectively, as well as KPMG.
Jack in the Box currently operates over 2,200 restaurants across 21 states.
Representatives for Jack in the Box and for Mullany declined requests for an interview.
