Dallas — President and CEO Tim Taft plans to retire from Fiesta Restaurant Group, Inc., parent company of the Pollo Tropical® and Taco Cabana® fast-casual restaurant brands, at the end of the 2016 fiscal year.
“On behalf of Fiesta’s board of directors, we are extremely grateful to Tim for his outstanding leadership,” says Jack Smith, Fiesta’s chairman of the board. “Tim was instrumental in guiding the company through its successful transition as an independent public company and during his tenure improved operations at both brands, refined our marketing strategies and set the stage for ongoing growth.”
A committee comprised of independent directors of the board will immediately commence a search for Taft’s successor and work with Taft to facilitate a successful transition. This committee will be chaired by Stacey Rauch and will include Barry Alperin and Steve Elker. This committee will review the company’s strategic plan, including the previously announced separation of Taco Cabana. The board will also review the company’s new store opening and capital expenditure plan in light of new market dynamics and recent operating performance, as well as the company’s leadership transition. Based upon this review the board will take such actions as it believes appropriate to optimize the company’s capital structure in light of its long term capital needs.
Fiesta Restaurant Group, Inc. is the parent company of the Pollo Tropical and Taco Cabana restaurant brands. For more information, visit www.frgi.com.
SOURCE: Fiesta Restaurant Group, Inc.