O’Charley’s Inc. has named David Head its new president and chief executive, the company said Monday, replacing Phil Hickey Jr., who had stepped in on an interim basis after Jeffrey Warne resigned as chief executive in June.
The 53-year-old Head will take the reins at the Nashville, Tenn.-based O’Charley’s on Sept. 1. He also has been appointed a member of O’Charley’s board. Hickey remains chairman of the board.
“We are pleased to welcome David to our company as it new chief executive officer,” Hickey said. “He is a proven leader with a strong skill set, deep operational experience in the restaurant industry and an impressive track record refining and repositioning restaurant brands.”
Head most recently served as chairman, president and chief executive of Captain D’s Seafood Kitchen, the 550-unit quick-serve seafood chain based in Donelson, Tenn. Prior to that he was president and chief executive of Miami-based Romacorp Inc., parent of the Tony Roma’s Ribs, Seafood and Steaks dinnerhouse chain, and a franchisee of such brands as Applebee’s and Red Robin Gourmet Burgers.
Hickey added he is looking forward to working with Head “to improve our financial performance by building guest loyalty with great food, service and value.”
O’Charley’s, which operates or franchises a total of 367 restaurants under its three brands, including the namesake O’Charley’s, Ninety Nine Restaurants and Stoney River Legendary Steaks, has seen sales dip along with falling profit.
For the company’s first quarter ended April 18, O’Charley’s reported a net loss of $4.3 million, or 21 cents per share, compared with a year-ago profit of $6.9 million, or 34 cents per share. The latest quarter included $5.6 million in impairment charges related to four O'Charley's restaurants, which remain open, the company said.
First-quarter revenue fell 6.9 percent to $271.5 million. Same-store sales declined 6.7 percent at the 243-unit O’Charley’s brand, 6.0 percent at 113-unit Ninety Nine Restaurants and 8.3 percent at the 11-unit Stoney River.
Contact Elissa Elan at [email protected].
