- Push-out Score determined
- After less than three years in the position
- Praise, thanks and good wishes for Post
- Pattye Moore taking over in the interim
- Search for a successor
- Post kept it short and said 52 words
(exechange) — Greenwood Village, Colorado, April 3, 2019 — Denny Post, chief executive of Red Robin, leaves. It is an abrupt change. As announced by Red Robin Gourmet Burgers Inc. in a news release and in a regulatory filing published on Wednesday, April 3, 2019, Denny Marie Post leaves her post as Chief Executive Officer at the restaurant chain after less than three years in the role, effective immediately.
No company wants a CEO to depart in the first years.
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 7.8 years, according to data compiled by exechange. Only 24 percent of the CEOs who departed over the past 12 months left the position within three years.
Red Robin will undertake a search for a successor.
Denny Post’s duties will be taken over in the interim by Pattye L. Moore, currently Board Chair of Red Robin Gourmet Burgers, Inc., as Interim Chief Executive Officer.
“Following discussions with the Board of Directors”
Denny Post’s sudden departure from the CEO post is explained as follows. Red Robin said in a fairly blunt statement that “following discussions with the Board of Directors, Denny Marie Post has chosen to retire as President and CEO on April 3, 2019.”
Precise information regarding Denny Post’s future plans was not immediately available.
Red Robin said: “On April 3, 2019, Denny Marie Post notified the Board of Directors … of Red Robin Gourmet Burgers, Inc. …, of her retirement as President and Chief Executive Officer of the Company and her resignation from the Board, in each case effective as of April 3, 2019.”
Share price decline
The announcement follows a decline in Red Robin Gourmet Burgers, Inc.’s share price of 55 percent since April 2018.
Chaired by Pattye Moore
Red Robin Gourmet Burgers, Inc. is chaired by Pattye Moore.
In the position of CEO since 2016
Post has served as Chief Executive Officer of the Company since August 2016 and as President since February 2016.
Prior to that, Post served as Executive Vice President and Chief Concept Officer of the Company since March 2015.
Post joined the Company in August 2011 as Senior Vice President and Chief Marketing Officer.
Before joining the Company, Post was the Managing Member of mm&i Consulting LLC, a marketing consulting firm, from June 2010 to July 2011.
She served as Senior Vice President, Chief Marketing Officer of T-Mobile USA from July 2008 to May 2010, as Senior Vice President, Global Beverage, Food, and Quality at Starbucks Corporation from February 2007 to June 2008, as Senior Vice President, Chief Concept Officer of Burger King Corp. from April 2004 to January 2007, and prior to that, in various marketing executive roles at YUM! Brands, Inc.
Post will serve as an advisor as the search committee identifies a new CEO.
At the time of Denny Post’s appointment as Chief Executive Officer at Red Robin, Pattye Moore, Board Chair, had said: “The board is pleased that Denny will be assuming this new role and joining the board. Denny has proven to be an innovative and transformative leader and we believe she is the right person to lead Red Robin and position the brand for long-term growth.”
At the time of her appointment as Chief Executive Officer at Red Robin, Denny Post had said: “As a team, we have a tremendous legacy to build on – a strong and inspiring culture, talented leadership from our restaurants to our home office, and a collective commitment to deliver a superior guest experience. As much as we have accomplished so far, we have many more ‘best years’ to come.”
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that Denny Post was pushed out or felt pressure to leave the position.
exechange reached out to Red Robin and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 14.2019 ($).