TAMPA Fla. OSI Restaurant Partners LLC, parent to Outback Steakhouse and several other casual-dining brands, has named Elizabeth Smith as chief executive.
Smith, who will assume the post Nov. 16, succeeds Bill Allen, who is retiring as CEO and will become chairman, OSI said Tuesday.
Smith, 46, most recently was president at cosmetics company Avon Products Inc., where she has worked for five years. Prior to Avon, Smith worked 14 years at Kraft Foods Inc., leaving as group vice president and president of the U.S. beverages and grocery division.
"My career has been devoted to rejuvenating and energizing consumer brand businesses and driving operating excellence," Smith said. "I am now thrilled to partner with OSI's entrepreneurial restaurant operators, everyone on the support team, and the executive leadership to seize the opportunities that lie ahead.”
Allen, who has served as CEO since 2005, said Smith “ has demonstrated exceptional brand-building prowess, operational expertise and leadership ability.”
Allen is the second OSI executive to retire from his post in the past five months. Paul Avery, the company's chief operating officer, announced his retirement in June after 20 years with Outback Steakhouse.
Smith serves on the boards of Staples Inc. and Big Brothers and Big Sisters of America. Fortune Magazine listed her as one of the 50 most powerful women in business in 2009. She will be relocating to the Tampa area from New York City.
In addition to Outback, OSI’s concepts include Carrabba's Italian Grill, Bonefish Grill, Fleming's Prime Steakhouse and Wine Bar and Roy's restaurants.
Since June of 2007, when Outback’s former parent company OSI Restaurant Partners Inc. was taken private in a $3.2 billion leveraged buyout, the company has faltered in the face of slowed sales from reduced consumer spending and escalating operating costs. It has sold its Cheeseburger in Paradise brand and is looking to divest others.
For the first six months of 2009, which is OSI’s latest financial report, the company posted a net loss of $3.9 million on revenue of $1.87 billion. Its same-store sales results have remained negative for some time, including declines of 10.4 percent at Outback Steakhouse and 5.9 percent at Carrabba’s for the second quarter.
OSI is owned by an investor group that includes Bain Capital Partners LLC, Catterton Partners and the firm’s senior management.
Contact Ron Ruggless at [email protected].
