P.F. Chang's China Bistro Inc. said co-chief executive Bert Vivian will retire at the end of next year after 15 years with the company.
Vivian's responsibilities will be turned over to the company's other co-CEO, Rick Federico, and chief financial officer, Mark Mumford, over the course of 2011, the company said Monday.
Federico, who is also P.F. Chang's chairman, will become the company's sole CEO after Vivian retires.
“While it is never easy to walk away from a true love, it is personally the right time for me to step aside,” Vivian said in a statement. “Our business is well-positioned for the future with a deep and talented leadership team focused on creating value for our teammates and our shareholders.”
Vivian joined P.F. Chang's as chief financial officer in 1996. He served as president of the company from 2000 until he was named co-CEO with Federico at the beginning of 2009.
At the end of its latest quarter, Scottsdale, Ariz.-based P.F. Chang's operated 200 units of its flagship bistro concept and 168 Pei Wei Asian Diners.
Contact Molly Gise at [email protected].
