Bloomin’ Brands CEO Liz Smith leaves post at short notice

  • Push-out Score determined
  • After around nine years in the position
  • Praise for Smith
  • Dave Deno taking over
  • Smith will remain as Executive Chairman at Bloomin’ Brands
  • Smith said 107 words

(exechange) — Tampa, Florida, March 8, 2019 — Liz Smith, chief executive of Bloomin’ Brands, leaves the position. It is a change at short notice. As announced by Bloomin’ Brands Inc. in a news release and in a regulatory filing published on Friday, March 8, 2019, Elizabeth A. (Liz) Smith leaves her post as Chief Executive Officer at the casual dining restaurant company after around nine years in the role, effective April 1, 2019.

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 8.1 years, according to data compiled by exechange.

Liz Smith’s duties will be taken over by David J. (Dave) Deno, currently Chief Financial and Administrative Officer of Bloomin’ Brands, Inc.

“Strategic review of the casual dining segment”

A reason for Liz Smith’s imminent departure from the CEO post was not explicitly provided.

Bloomin’ Brands said that it will host an analyst and investor day on Monday, March 11, 2019 in New York City and that the presentations will detail the Company’s strategic review of the casual dining segment, portfolio growth initiatives and the key drivers behind the momentum at the Outback Steakhouse brand.

Smith will remain as Executive Chairman at Bloomin’ Brands

“Liz Smith, current Chairman and CEO, has been appointed to serve as Executive Chairman of the Board of Directors,” Bloomin’ Brands said.

Bloomin’ Brands said: “On March 6, 2019, the Board of Directors … of Bloomin’ Brands, Inc. …, appointed Elizabeth A. Smith to serve as Executive Chairman of the Board, David J. Deno to serve as a director and Chief Executive Officer, and Christopher Meyer to serve as Executive Vice President and Chief Financial Officer, effective April 1, 2019.”

Share price decline

The announcement follows a decline in Bloomin’ Brands, Inc.’s share price of 19 percent since February 2015.

In the position of CEO since 2009

Elizabeth A. Smith has served as the Chairman of the Company’s Board of Directors since January 2012, and as the Company’s Chief Executive Officer and a director since November 2009.

From September 2007 to October 2009, Smith was President of Avon Products, Inc., a manufacturer of beauty products, and was responsible for its worldwide product-to-market processes, infrastructure and systems, including Global Brand Marketing, Global Sales, Global Supply Chain and Global Information Technology.

In January 2005, Smith joined Avon Products, Inc. as President, Global Brand, and was given the additional role of leading Avon North America in August 2005.

From November 2004 to December 2008, Smith served as a member of the Board of Directors of Carter’s, Inc., a clothing retailer.

From September 1990 to November 2004, she worked in various capacities at Kraft Foods Inc.

Smith is a member of the Board of Directors of Hilton Worldwide Holdings, Inc., a hospitality company, where she also serves on the Audit and Nominating and Corporate Governance committees, and was previously a member of the Board of Directors of Staples, Inc., from September 2008 to June 2014.

Push-out Score determined

The Push-out Score™ determined by exechange gauges the likelihood that a manager was pushed out or felt pressure to leave the position.

exechange reached out to Bloomin’ Brands and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 10.2019 ($).