- Push-out Score determined
- After almost 11 years in the position
- Praise and thanks for Accordino
- Search for a successor
- Accordino said 64 words
(exechange) — Syracuse, New York, September 23, 2021 — Dan Accordino, chief executive of Carrols, leaves. As announced by Carrols Restaurant Group Inc. in a news release and in a regulatory filing published on Thursday, September 23, 2021, Daniel T. (Dan) Accordino leaves his post as chief executive officer at the largest Burger King franchisee in the United States, after almost 11 years in the role, effective by June 30, 2022.
Carrols will undertake a search for a successor.
It is a long goodbye. The announcement of Dan Accordino’s move comes up to nine 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.
“Now is the right time”
Dan Accordino’s departure from the CEO post is explained as follows. Accordino said: “With Carrols well positioned for continued success, I believe now is the right time – both for me and Carrols – to begin a transition to the next generation of leadership.”
Precise information regarding Dan Accordino’s future plans was not immediately available.
Carrols said: “Daniel T. Accordino, the Company’s Chairman, Chief Executive Officer and President, will be retiring as CEO and President by June 30, 2022. He will also be stepping down as Chairman and as a member of the Board of Directors at or prior to the effective time of his retirement.”
“Not because of any disagreement”
“Mr. Accordino’s contemplated separation of employment with the Company and his resignation as Chairman and as a member of the Board of Directors are not because of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices,” Carrols said.
Share price decline since September 2016
The announcement follows a decline in Carrols Restaurant Group Inc.’s share price of 72% since September 2016.
In the position of CEO since 2012
Dan Accordino became CEO of the Company in 2012.
Daniel T. Accordino has been Chief Executive Officer of Carrols Restaurant Group since January 1, 2012 and Chairman of the board of directors since January 1, 2015.
Accordino has been President and a director of Carrols Restaurant Group since February 1993 and was Chief Operating Officer of Carrols Restaurant Group from February 1993 to December 2011.
Before that, Accordino served as Executive Vice President – Operations from December 1986 to February 1993 and as Senior Vice President of Carrols Corporation, the Company’s wholly owned subsidiary, which the Company refers to as “Carrols”, from April 1984 to December 1986.
From 1979 to April 1984, he was Vice President of Carrols responsible for restaurant operations, having previously served as Assistant Director of Restaurant Operations.
Accordino has been an employee of the Company since 1972.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Dan Accordino’s move on a scale of 0 to 10.
exechange reached out to Carrols and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 39.2021 ($).