Dreibholz was most recently CFO at Quaker Steak & Lube.
Sharon, Pa.-based Quaker Steak & Lube, the chicken wing specialist with more than 60 locations in the United States and Canada, has named Frederick Dreibholz its interim chief executive.
Dreibholz, who was most recently chief financial officer of “The Lube,” replaces John Longstreet, who is stepping down after nearly four years as chief executive. Longstreet was named president and chief executive in March 2010 after being involved with Quaker Steak’s board of directors for six years.
“John embarked on a multipronged program when he took the helm of Quaker Steak & Lube, which included improving all aspects of operations, creating a dynamic local-restaurant marketing program and implementing a significant restaurant growth strategy,” Debra Koenig, chairman of Quaker Steak’s board, said in a statement. “Fred and his team will build on these successes while targeting the specific challenges that face the restaurant industry today.”
During Longstreet’s tenure, Quaker Steak & Lube expanded into new and existing markets with three different sizes of restaurant prototypes to fit different market needs. The brand also won a MenuMasters Award from Nation’s Restaurant News and Ventura Foods in 2012, earning the “Best Limited-Time Offering” honor for its Shake, Wrap & Roll promotion.
Prior to becoming Quaker Steak’s chief financial officer, Dreibholz held the top financial post at several other foodservice companies, including Flik International, Champps Entertainment and Souper Salad. He has also worked with several private-equity firms, including restaurant industry investor Sun Capital Partners.
“I am excited about the opportunities for Quaker Steak & Lube,” Dreibholz said in a statement. “Our team’s plan, in concert with our franchise owners, is to continue the momentum of restaurant growth while maximizing profitable sales. The Lube has a great opportunity to leverage the talents of our management team and franchise community. In 2014, we are poised to open 12 or more restaurants, representing a growth rate in excess of 18 percent.”
According to NRN’s Top 200 report, Quaker Steak & Lube grew its systemwide domestic sales 15.6 percent to $143.1 million in fiscal 2012.
Quaker Steak & Lube was founded in 1974.
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