- After about two years in the position
- Praise, thanks and good wishes for Roberts
- Maria Hollandsworth taking over temporarily
- Search for a successor
- Roberts said 62 words
(exechange) — Costa Mesa, California, November 2, 2023 — Larry Roberts, chief executive of El Pollo Loco, leaves his position. As announced by El Pollo Loco Holdings Inc. in a news release and in a regulatory filing published on Thursday, November 2, 2023, Laurance (Larry) Roberts leaves his post as chief executive officer at the chicken restaurant chain, after about two years in the role, effective November 3, 2023.
Generally speaking, it raises questions when a CEO leaves his post abruptly and after a short tenure.
El Pollo Loco will undertake a search for a successor.
Larry Roberts’s duties as CEO will be taken over temporarily by Maria Hollandsworth, currently Chief Operating Officer at El Pollo Loco Holdings Inc., as interim Chief Executive Officer.
No reason given
In the announcement, El Pollo Loco did not explicitly explain the reason for the move.
Precise information regarding Larry Roberts’s future plans was not immediately available.
“Leaving”
El Pollo Loco said: “Laurance Roberts is leaving his position as President, CEO and Director after more than 10 years at the Company.”
El Pollo Loco further said: “Laurance Roberts, the Company’s Chief Executive Officer and President, is leaving his position as Chief Executive Officer and President and as a member of the Board of Directors of the Company (the “Board”), effective as of the close of business on November 3, 2023.”
Share price decline since November 2021
The announcement follows a decline in El Pollo Loco Holdings Inc.’s share price of 43% since November 2021.
In the position of CEO since 2021
Larry Roberts became CEO of the Company in 2021.
To ensure a smooth transition, Roberts will continue to provide consulting services to the Company through December 28, 2023.
Laurance Roberts has served as a director and as the Company’s President and Chief Executive Officer since March 2022.
Previously, he was the Company’s interim Chief Executive Officer from October 2021 to March 2022 and Chief Financial Officer and Treasurer from July 2013 to March 2022.
From 2008 to 2012 he was Chief Operating Officer for KFC, a major fried chicken restaurant chain and a division of Yum Brands. In 2008, he was also General Manager for KFC Restaurant Operating Company.
Prior to that that, he spent three years as Chief Financial Officer of KFC, and three years as Chief Financial Officer of Yum Brands’ Pizza Hut joint venture in the United Kingdom.
Roberts holds an MBA from the University of Michigan and a bachelor’s degree in economics from Bucknell University.
62 words by Larry Roberts
In the release announcing his departure as CEO of El Pollo Loco Holdings Inc., Larry Roberts received praise, thanks and good wishes.
In announcing his departure, Larry Roberts said 62 words.
“I am proud”
Larry Roberts stated: “Being part of El Pollo Loco has been the highlight of my career, and I am proud of what we have accomplished together during my time with the Company. I look forward to working with Maria, the rest of the management team and the Board of Directors through the end of the year to ensure the Company is well-positioned for the future.”
Push-out Score for Larry Roberts’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Larry Roberts was pushed out or felt pressure to leave his position.
exechange reached out to El Pollo Loco and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2023 ($).