Lawrence E. Hyatt will be stepping down as O’Charley’s Inc. chief financial officer at year’s end to become CFO at Cracker Barrel Old Country Store Inc., the companies said Thursday.
Hyatt will become senior vice president and CFO at 597-unit Cracker Barrel, based in Lebanon, Tenn., Jan. 3. He had held the CFO and treasurer posts at the 339-unit O’Charley’s, based in Nashville, Tenn., since 2004.
O’Charley’s said R. Jeffrey Williams, the company’s chief accounting officer and corporate controller, will serve as interim CFO and treasurer while it conducts a search. Williams, who has been with O’Charley’s for 10 years, is expected to be a candidate for the post, the company said.
Michael A. Woodhouse, Cracker Barrel’s chairman and chief executive, said: “We are pleased to have someone with Larry’s extensive experience joining Cracker Barrel. His experience as a public company CFO in both the restaurant and retail industries is of great value. … “
Hyatt served as O’Charley’s interim chief executive from February 2009 to June 2009 before David Head was named president and CEO of the company, which operates the O’Charley’s, Ninety Nine and Stoney River Legendary Steaks brands.
Earlier this week, O’Charley’s closed 16 underperforming restaurants, including 11 locations of its flagship casual-dining brand and five Ninety Nine units.
Last month, O'Charley's Inc. reported a third-quarter loss of $7.4 million compared with a loss of $2.1 million in the year-ago period. Revenue slipped 1.2 percent to $191.7 million for the latest quarter. Same-store sales declined 2.2 percent at corporate O'Charley's restaurants, but rose 1.2 percent at Ninety Nine and 1.7 percent at Stoney River.
In Cracker Barrel’s most recent quarter, which ended Oct. 29, the company reported net income of $23.7 million compared with $18 million in the first quarter of 2010. Revenue for the quarter rose 3 percent to $598.7 million, reflecting comparable-sales gains of 2.4 percent for Cracker Barrel’s restaurant sales and 1.5 percent in sales at its retail gift shops.
Contact Ron Ruggless at [email protected].
