- Signs for push-out forces
- After almost ten years on the job
- Laud, praise, regret and good wishes for Mednansky
- Norman Abdallah takes over
(management-change.com) — Southlake, Texas, November 21, 2016 — Mark Mednansky, chief executive of Del Frisco’s, leaves. It is an abrupt change. As announced by Del Frisco’s Restaurant Group, Inc. in a news release and in a regulatory filing published on Monday, November 21, 2016, Mark S. Mednansky leaves the post as Chief Executive Officer at the restaurant company in a surprising move after almost ten years on the job, effective immediately.
Mednansky’s duties are taken over by Norman J. Abdallah, most recently operating partner at CIC Partners.
The fact that Mednansky’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
“The appropriate time … for new leadership to drive the Company into the future”
Mednansky’s sudden departure is explained as follows. Mednansky said: “Now is the appropriate time for me to retire from Del Frisco’s and for new leadership to drive the Company into the future.”
Generally speaking, it is often an alarm signal for stockholders when a CEO leaves the position abruptly and without an understandable explanation.
“Has chosen to retire”
Del Frisco’s said: Mednansky “has chosen to retire from his position as the Company’s Chief Executive Officer”.
Del Frisco’s also said: Mednansky “delivered his notice of retirement on November 18, 2016”.
Del Frisco’s further said: “As part of its ongoing succession planning, the Board had recently conducted an executive search and, as a result, considered other potential candidates.”
Precise information about the future plans of Mednansky was not immediately available.
Share price decline
The change follows a decline in the share price of Del Frisco’s Restaurant Group, Inc. since June 2014.
Chaired by Ian R. Carter
Del Frisco’s Restaurant Group, Inc. is chaired by Ian R. Carter.
Carter has served as Chairman of the Board of Directors since April 2015. He has served as Executive Vice President and President, Development, Architecture and Construction for Hilton Worldwide since October 2012 and previously oversaw Operations since August 2009 for Hilton Worldwide.
On the job as CEO since 2007
Mednansky has served as Chief Executive Officer since March 2007.
Prior to this, he served in senior management roles with Lone Star Steakhouse & Saloon, Inc.
From 2005 until March 2007, Mednansky was the Chief Operating Officer of several Lone Star Steakhouse & Saloon restaurant concepts, including Del Frisco’s and Sullivan’s.
He also served as Vice President of Operations of the Del Frisco’s and Sullivan’s concepts from 2000 to 2005 and President of the Texas Land & Cattle concept from 2003 to 2006.
Mednansky has over 35 years of restaurant industry experience and 25 years of experience as a senior operations manager.
Prior to joining Lone Star Steakhouse & Saloon, Inc., he was Director of Operations for Big Four Restaurants from 1997 to 1998, Director of Culinary Services for Dial Corp. from 1990 to 1997 and Area Manager for Big Four Restaurants from 1985 to 1990.
Mednansky intends to remain with the Company through the end of the calendar year to ensure a seamless and orderly transition of leadership and responsibilities.
Signs for push-out forces
It is not completely certain what forces eventually triggered Mark S. Mednansky’s move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 44.2016 ($).