Executive Connection – June 2014

Wray Newsletter Masthead
June 2014  Issue 154
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Viewpoint

Potential trumps experience… a paradigm shift?

by Bob Gershberg, CEO & Managing Partner, 
Wray Executive Search

Bob Gershberg, CEO & Managing Partner Wray Executive Search
Bob Gershberg

As business becomes more complex and the global talent pool gets ever tighter, the success indicators used in talent search are changing. In years past, physical prowess and strength were the leading attributes required. Intelligence, experience and past performance became the next group of essential requirements. Our testing focused on IQ, verbal, analytical and mathematical to determine fit. Specific competencies were at the forefront of the subsequent shift. Emotional intelligence trumped IQ in leadership roles.  Full Article » 

Refranchising

Is Restaurant Refranchising a Bullish or Bearish Signal?

by John Gordon, Principal Pacific Management Consulting Group

John Gordon

Last week, McDonald’s (MCD) announced it planned to refranchise up to 1500 units out of Europe and Asia Pacific, and announced a series of increased dividends and share buy back plans. In 2013, Wendy’s (WEN) announced refranchising of 450 units in its non core markets. In 2012, Burger Bing (BKW) and Jack in the Box (JACK) kicked into serious refranchising, so much so that Burger King (BKW) now only owns and operates the 52 units in Miami out of a 13,667 worldwide unit total. Even Starbucks (SBUX) is finally franchising its flagship Starbucks brand, refranchising units in the UK and Ireland. YUM has been furiously refranchising since the mid 2000s but intends to keep China Company operated.  Full Article » 

“Expect the best. Prepare for the worst. Capitalize on what comes.” – Zig Ziglar
Executive Movements

The Coffee Bean & Tea Leaf names Karen Cate CFO Company also appoints Jeff Schroeder – another Stellar Wray search placement, as vice president of operations. 

Full Article »


The installation of former McDonald’s executive Ed Rensi as Famous Dave’s CEO could lead to significant changes at the stagnant barbecue chain, particularly regarding its menu. Full Article »

Krispy Kreme Doughnuts, Inc. announced that its Board of Directors has appointed Anthony N. (“Tony”) Thompson, as President and Chief Executive Officer, effective June 1, 2014.  Full Article »


Juan Guerrero has joined Bloomin’ Brands as senior vice president and chief global supply chain officer. Full Article »


Corner Bakery Cafe announced the appointment of franchise and restaurant veteran Michael J. Nolan as Executive Vice President and Chief Development Officer.
 Full Article »


Dickey’s Barbecue Restaurants named Madison Jobe its new vice president of franchise development. Full Article »


Taco Bell Corp., a division of Yum! Brands, Inc. (NYSE: YUM), announced today that Brian Niccol will be promoted to chief executive officer on January 1, 2015. Full Article »


El Pollo Loco Names Dale Burke Vice President, Supply Chain Management. Full Article »


Papa John’s Announces Promotion of Steve Ritchie to Chief Operating Officer. Full Article »


Smashburger announced it has promoted David Biederman to the position of Chief Development Officer. Full Article »

More Executive Movements »
Financial Overview

Zoës Kitchen Announces First Quarter 2014 Results. Total revenue, which includes restaurant sales from Company-owned restaurants and royalty fees, increased 47.4% to $46.3 million in the sixteen weeks ended April 21, 2014, from $31.4 million in the sixteen weeks ended April 22, 2013.   Full Article »


Tampa-based Bloomin’ Brands reported Friday that adjusted net income was $58.5 million for the first quarter of 2014, down about 7 percent for the same quarter last year. Full Article »


Carlson Sells TGI Fridays to Sentinel Capital Partners and TriArtisan Capital Partners, as the hospitality and travel company looks to focus on its hotel business.  Full Article »


Jack in the Box Inc. reported earnings from continuing operations of $18.3 million, or $0.43 per diluted share, for the second quarter ended April 13, 2014.  Full Article »


Darden Announces Sale of Red Lobster to Golden Gate Capital for $2.1 Billion.  Full Article »


Red Robin Gourmet Burgers First Quarter Revenues Increase 11.1%. Restaurant-level operating profit, as a percent of restaurant revenue, increased to 22.4% from 21.5%  Full Article »


Papa John’s Announces First Quarter 2014 Results – First quarter 2014 revenues were $401.4 million, a 12.9% increase from first quarter 2013 revenues of $355.6 million. Net income was $19.3 million for both the first quarter of 2014 and 2013.  Full Article »

More Financial News »
 
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The Big Apple

Brooklyn Bound

by Joe Radice, Vice President, Wray Executive Search

Joe Radice

Brooklyn is the most populous of the five New York City boroughs, with approximately 2.6 million residents, and if it were an independent city, Brooklyn would rank fourth in total population among US cities behind Los Angeles, Chicago and the four other New York boroughs combined. While the overall New York City economy has recovered from the recession quite well, Brooklyn has been growing at twice the rate of the rest of New York. According to a new report from the NY State Comptroller, from 2003 to 2012 the number of businesses in Brooklyn increased by 21%, and private sector wages grew by 42%. With the exception of Manhattan, these increases are significantly greater than the other boroughs. In that same period, Brooklyn private sector employment grew by 19.8%, nearly doubling the growth of all of the rest of the city. Surprisingly, manufacturing jobs increased in Brooklyn, while continuing to decline in NY State and the rest of the country, with food manufacturing accounting for the greatest share, at 27% of the total increase. Leisure and hospitality had the fastest growth rate from 2003 to 2012, as the number of hotel rooms dramatically increased satisfying the borough’s pent-up demand.   Full Article » 

Executive Chat with Randy Gier, CEO and President of Pizza Inn Holdings
by Rebecca Patt, Vice President of Development, Wray Executive Search

Rebecca Patt

Randy talks about marketing for the emerging fast-casual pizza brand Pie Five, his leadership style and Midwestern upbringing, marathon running, and more. Part two of two.
The whole fast-casual pizza segment is exploding by the minute. What do you think about all the competition out there? What sets you apart? A couple things set us apart. First of all, we are the only concept where you actually get your pizza while you are in line, instead of sending you to the table and calling you back up, or bringing it out to you. We are the only one who is truly, from start to finish, under five minutes. We are the only one that gives crust variety, and people do have preferences. Some people like a thin crust, some people like a pan crust, some are looking for gluten free, or in our case whole grain as well. We’ve got four different crusts. Because of our oven set up, we are able to cook different crusts versus what some of our competitors are doing.   Full Article »

Financial Edge

The Talent Pool reduction of 2014

by David Ulrich, EVP Wray Executive Search

David Ulrich

There is a population demographic that I’ve mentioned in previous articles that seems to be at the heart of how the US economic trends have played out during the past 40+ years, and it comes down to the fact that there are 80 million Baby Boomers, 40 million Gen-Xer’s and 80 million Millennials living today. This figure is the basis for what we fondly remember as the Great 80’s and 90’s, and will also be the root cause for the next great economic boom that is in the process of being unleashed here in 2014. As this economic surge begins to take hold across the US, many of us have begun to “feel more secure” about life in general. 2014 should finish above the 3% GDP mark for the first time in over six years, and will be reflective of a similar economic pattern to that had begun in 1983 when the economy was beginning to blossom back then.   Full Article » 

Culture Matters

People Due Diligence Critical to Success

by Tom Rollert, Vice President of Culture Integration, Wray Executive Search

Tom Rollert

Merger & Acquisition is often cited by business as an important and strategic growth strategy. As the business environment continues to improve, more companies are looking at available opportunities to acquire and the level of M&A activity is increasing. Key reasons for restaurant and retail M&A include geographic or customer market extension, enhancing business capacity through increased distribution, extending the value chain by acquiring suppliers or distributors, or acquiring technical and product knowledge that would take too long to develop in-house.   Full Article » 

A few of this month’s opportunities »
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