Dive Brief:
- TGI Fridays named Weldon Spangler CEO effective immediately on Tuesday. Spangler, who has served as a Fridays board member for four years and has 30-plus years of restaurant industry experience, succeeds Brandon Coleman.
- Coleman was promoted from CMO to CEO in August but is stepping down for personal reasons, according to a press release.
- Spangler takes the post as the chain prepares to deploy “its new strategic plan for growth, innovation, and excellence,” per the release. Recently, Fridays has tested virtual brands, a new loyalty scheme and a menu revamp as it targets scale in the U.S. and internationally.
Dive Insight:
Most recently, Coleman had overseen the first phase of Fridays’ menu overhaul in June, which included six new proteins and accompanying sauces. At that time, Coleman said the company was preparing for a second major menu change this fall.
Spangler inherits the management of this menu evolution, as well as Fridays’ expansion of its Krispy Rice virtual brand partnership with C3. Earlier this month, the company announced it is serving the brand’s sushi at 140 locations and aims to offer its menu from 300 units. Fridays predicts Krispy Rice could generate $163 million in incremental revenue from 300 restaurants, or roughly half a million dollars per unit.
Spangler also may be tasked with further experimentation in virtual brand partnerships. Last year, Fridays shared public plans to partner with C3 brands Kumie and Stonie Bowls.
Prior to the Fridays post, Spangler served as SVP of Subway’s market operations for two years, and as CEO of Papa Murphy’s between 2017 and 2019. He also held multiple positions at Dunkin Brands over the course of seven years, and at Starbucks for over 12 years. Spangler owns Bet Vodka, as well.
