- Push-out Score determined
- After less than three and a half years in the position
- Praise for Joyce
- Search for a successor
- Joyce said 79 words
(exechange) — Glendale, California, May 29, 2020 — Steve Joyce, chief executive of Dine Brands, prepares for his departure. As announced by Dine Brands Global Inc. in a news release published on Thursday, May 28, 2020 and in a regulatory filing published on Friday, May 29, 2020, Stephen P. (Steve) Joyce is preparing to leave his post as chief executive officer at the food and beverage company after less than three and a half years in the role.
Joyce’s employment agreement expires February 1, 2021.
Dine Brands will undertake a search for a successor.
Long goodbye
It is a long goodbye. The announcement of Steve Joyce’s move comes up to eight months prior to his planned departure from the post of CEO.
In general, a top executive who announces the departure particularly early may be considered a lame duck.
Lengthy lead times give boards extra time to find replacements, and they also create uncertainty. Would-be successors may jockey for attention and workers may wonder who is actually in charge.
Generally speaking, lame-duck leaders can take a forceful role in selecting a successor and are not expected to launch major shifts.
No reason given
In the announcement, Dine Brands did not explicitly explain the reason for Steve Joyce’s move.
Precise information regarding Steve Joyce’s future plans was not immediately available.
Dine Brands said: “The Board of Directors of Dine Brands Global, Inc. today announced that it has retained the executive search firm, Spencer Stuart, to assist the Company in identifying an individual to succeed its Chief Executive Officer, Steve Joyce.”
Share price increase since September 2017
The announcement follows an increase in Dine Brands Global Inc.’s share price of 31% since September 2017.
Chaired by Richard Dahl
Dine Brands Global Inc. is chaired by Richard Dahl.
Dahl serves as Chairman of the Board of Directors of Dine Brands Global, Inc. He has served on the Corporation’s Board of Directors since 2004 and assumed the role of Chairman of the Board of Directors in 2017.
In the position of CEO since 2017
Steve Joyce became CEO of the Company in 2017.
Joyce serves as the Corporation’s Chief Executive Officer, a position he has held since September 2017.
He has also served on the Corporation’s Board of Directors since February 2012.
Joyce served as president and chief executive officer of Choice Hotels International, Inc., a publicly-traded lodging franchisor, from 2008 to September 2017 and as a director from 2008 to September 2017.
From 1982 to 2008, Joyce was with Marriott International, Inc., where he attained the role of executive vice president, global development/owner and franchise services, in addition to holding other leadership positions.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Dine Brands and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 22.2020 ($).