Dallas — Ray Blanchette, chief executive officer of TGI Fridays, is stepping down. Rohit Manocha, chairman of the board and co-founder of TriArtisan Capital Advisors, will be assuming Blanchette’s responsibilities in the interim. The TGI Fridays executive team will report directly to Manocha.
Blanchette led TGI Fridays for the past 5 years, managing the company through a successful turnaround that included both national and global growth as well as through the turbulent impacts around the COVID-19 pandemic. TriArtisan is the lead investor in TGI Fridays with extensive holdings in the restaurant and hospitality industry, including P.F. Chang’s, Hooters and Creating Culinary Communities (C3).
“We are deeply grateful for Mr. Blanchette’s contributions over the last several years. We wish him the best of luck in his future endeavors, and we look forward to building on the legacy he has left to take Fridays to new heights,” says Manocha. “TGI Fridays is beginning a new phase of revitalization, innovation and value creation. We are turning our focus towards growth and creating relevance with today’s consumers because we believe there is significant upside potential. Under Ray’s leadership, the brand’s performance has improved, and he built a strong operating culture that will carry us forward as we pursue new territories. Thanks to the hard work and dedication of all of our team members, Fridays is well positioned for success as we look toward the future.”
While Manocha serves as interim, a global executive search firm has been retained to search for a new CEO, with both internal and external candidates under consideration.
TGI Fridays operates 700 restaurants in 52 countries. The company announced its most significant deal in its history in September 2022, including 75 new restaurants throughout South and Southeast Asia over the next 10 years. For more information, visit www.Fridays.com.
TriArtisan Capital Advisors is an established, New York-based private equity investing firm. For more information, visit www.triartisan.com.
SOURCE: TGI Fridays