Dave and Buster’s CEO Steve King leaves post at short notice

  • Push-out Score suggests push-out forces
  • After almost 12 years in the position
  • Accolades, praise and thanks for King
  • Brian Jenkins taking over
  • King will remain as Chairman at Dave and Buster’s
  • King spoke at length and said 123 words

(exechange) — Dallas, Texas, June 11, 2018 — Steve King, chief executive of Dave and Buster’s, leaves the position. It is a change at short notice. As announced by Dave and Buster’s, Inc. in a news release and in a regulatory filing published on Monday, June 11, 2018, Stephen M. (Steve) King leaves his post as Chief Executive Officer at the operator of entertainment and dining venues after almost 12 years in the role, effective August 5, 2018.

It is the end of an era.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.5 years, according to data compiled by exechange. Only 39 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.

King’s duties will be taken over by Brian A. Jenkins, currently Chief Financial Officer of Dave and Buster’s, Inc.

The company will conduct a national search for a new CFO. Joe DeProspero, Vice President of Finance, will assume the responsibilities of the Chief Financial Officer on an interim basis.

No reason given

In the announcement, Dave and Buster’s did not explicitly explain the reason for King’s imminent move, leaving room for speculation.

King will remain as Chairman at Dave and Buster’s

“Mr. King will continue as Chairman of the Board of Directors of the Company and will also continue to serve as a part-time employee of the Company, providing transition services to the Company,” Dave and Buster’s said.

“Retirement”

Dave and Buster’s announced “the retirement of CEO, Stephen M. King, effective at the end of the second quarter, August 5, 2018.”

Dave and Buster’s further said: “Stephen M. King will retire as its Chief Executive Officer, effective August 5, 2018.”

Share price decline

The change follows a decline in the share price of Dave and Buster’s, Inc. since June 2017.

In the position of CEO since 2006

Stephen M. King has served as the Company’s Chairman of the Board since June 2017 and as Chief Executive Officer since September 2006.

From March 2006 until September 2006, King served as the Company’s Senior Vice President and Chief Financial Officer.

From 1984 to 2006, he served in various capacities for Carlson Restaurants Worldwide Inc., a company that owns and operates casual dining restaurants worldwide, including Chief Financial Officer, Chief Administrative Officer, Chief Operating Officer and, most recently, as President and Chief Operating Officer of International.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Steve King’s imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 25.2018 ($).