Ruby Tuesday Inc. chairman of the board Matthew Drapkin has resigned, effective immediately, the company said Monday.
Company president and chief executive James J. “JJ” Buettgen will replace Drapkin.
In a filing with the Securities and Exchange Commission, Ruby Tuesday said Stephen Sadove has been appointed lead director, effective immediately.
The operator or franchisor of more than 780 namesake casual-dining restaurants has endured a lengthy “transition phase” since Buettgen replaced the retiring founder and chief executive, Sandy Beall, last December.
In its most recent first quarter of fiscal 2014, Ruby Tuesday’s net income decreased 7.7 percent, reflecting an 11.7-percent decline in revenue, and same-store sales decreases of 11.4 percent at company-owned locations and 8.4 percent at franchised units.
For fiscal 2013, Ruby Tuesday booked a net loss of $39.4 million, or 65 cents per share, after revenue decreased 4.6 percent to $1.25 billion.
Maryville, Tenn.-based Ruby Tuesday Inc. also operates and franchises 24 locations of Lime Fresh Mexican Grill.