- After around eight years on the job
- Laud, praise, thanks and good wishes for Benn
- Benn spoke at length and said 83 words
(exechange) — Calabasas Hills, California, May 11, 2017 — Doug Benn, finance chief of Cheesecake Factory, hands over the reins. It is a change at short notice. As announced by The Cheesecake Factory Incorporated in a news release and in a regulatory filing published on Thursday, May 11, 2017, W. Douglas (Doug) Benn, Chief Financial Officer, leaves the restaurant company in a surprising move after around eight years on the job, effective July 07, 2017.
Benn’s duties are taken over by Matt Clark, currently Senior Vice President, Finance and Strategy at The Cheesecake Factory Incorporated.
“Part of our Board’s long-term senior management succession planning efforts”
The imminent management change is explained as follows. David Overton, Chairman and Chief Executive Officer, said: “This appointment is part of our Board’s long-term senior management succession planning efforts.”
Precise information about the future plans of Benn was not immediately available.
Cheesecake Factory said: “Executive Vice President and Chief Financial Officer W. Douglas Benn will retire from the Company on July 7, 2017.”
Share price rise since February 2009
The change follows a rise in the share price of The Cheesecake Factory Incorporated since February 2009.
Chaired by David Overton
The Cheesecake Factory Incorporated is chaired by David Overton.
David Overton has served as the Company’s Chairman of the Board and Chief Executive Officer since the Company’s incorporation in 1992.
On the job as CFO since 2009
Benn has been the Chief Financial Officer and an Executive Vice President of The Cheesecake Factory Incorporated since January 19, 2009.
Doug Benn is a veteran of the restaurant industry having spent more than 25 years in management roles with restaurant companies.
He joined The Cheesecake Factory as Chief Financial Officer in 2009 and helped grow the Company to over $2 billion in annual revenues while adjusted earnings per share more than tripled.
Benn also contributed to the achievement of several milestones, including the Company’s international expansion and the initiation of the Company’s dividend.
Prior to joining The Cheesecake Factory, he served as Executive Vice President and Chief Financial Officer of RARE Hospitality International, which owned LongHorn Steakhouse and The Capital Grille preceding that company’s sale to Darden Restaurants, Inc.
Read the full story in the exechange report 20.2017 ($).