Dive Brief:

• TGI Fridays hired Ray Risley as U.S. president and COO and Nik Rupp as CFO and president of international markets, the company said Tuesday in a press release.
• Both executives will report to newly appointed CEO Weldon Spangler as the company focuses on its growth plan.
• The new executives join the chain less than two months after TGI Fridays named Spangler as its CEO, its second CEO appointment of the year. 

Dive Insight:

TGI Fridays is in the midst of a brand revitalization, which includes revamping its menu. It recently launched its “most innovative bar menu to date” with its Claus for Celebration menu that offers 14 new cocktails and mocktails for the holidays. In October, it launched a variety of new menu items, including appetizers and salads. In June, the chain added its Grilled & Sauced menu, calling it its biggest menu update since the 1990s. 

The chain, which has 700 restaurants across 51 countries, reported systemwide sales of $1.6 billion in 2022 and U.S. same-store sales growth of 8% compared to 2019. Fridays is planning for significant growth in South and Southeast Asia, with 75 franchised restaurants over the next 10 years that will provide $500 million in additional revenue, according to the press release. 

“We have a significant opportunity to lead this much-loved, heritage brand through a revitalized new chapter, and by bringing on Ray and Nik to our leadership team, we are confident in what we can accomplish in the coming year,” Spangler said in a statement. “Not only do Ray and Nik have tremendous experience in the restaurant industry that will drive growth for our brand and our franchisees, but their enthusiasm and passion for TGI Fridays will also be a cornerstone to our vision for the company.”

Risley joins the chain after serving as CEO of Via 313 Pizzeria for a little over a year, where he doubled the chain’s restaurant count and helped prepare the company for future expansion. He also has experience as president and COO of Front Burner Society, where he helped grow the Whiskey Cake Kitchen and Bar brand. A bulk of his career was spent in various leadership positions at Del Frisco’s Restaurant Group, and he most recently served as president of Del Frisco’s Double Eagle Steakhouse. As president and COO of TGI Fridays, Risley will oversee management of operations and performance standards within the U.S., including both company-owned and franchised units. 

As CFO and president of international markets, Rupp will oversee TGI Fridays’ financial strategy, particularly in accounting, finance and capital structure. He will also strategize around growth and work with international franchisees. He most recently served for over a year as COO of Papa Murphy’s, where he originally joined as CFO in 2018, per his LinkedIn profile. At Papa Murphy’s, he helped drive growth of the international pizza company. He also had various leadership positions at global consumer brands like Specialized, Nike and Converse.