Financial analyst sees selection as positive move for IHOP, Applebee’s parent
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Lisa Jennings
DineEquity Inc. has named Tom Emrey chief financial officer, the company said Tuesday.
Emrey, who for the past four years served as executive vice president and chief operating officer of Universal Studios Home Entertainment, replaces outgoing CFO John Tierney, who, after a brief transitional period, will leave DineEquity after two and a half years with the Glendale, Calif.-based company.
Destin Tompkins, an analyst with Morgan Keegan, said in a report Tuesday that the CFO change was, “an opportunistic move to upgrade DineEquity’s management team.”
Tompkins added that he did not believe the move was related to any potential change in the business or shift in strategic direction.
Prior to his executive vice president role at Universal, Emrey was chief financial officer there between 2003 and 2007. His resume also includes a stint in senior finance management at Nestlé USA.
Julia Stewart, DineEquity’s chair and chief executive, said in a statement: “We are pleased to have such an accomplished and dynamic chief financial officer joining our strong management team at this exciting time for the company. Tom brings more than 25 years of broad-based finance experience and a deep understanding of consumer businesses that will benefit the company and our stockholders in the years ahead.”
Stewart also thanked Tierney for his service, saying that the outgoing CFO played a central role in refinancing and re-pricing the company’s long-term debt.
DineEquity has been steadily chipping away at a $2.3 billion debt it assumed to acquire the Applebee’s chain in 2007.
Stewart said Tierney “leaves the company in a solid financial position, as we continue to generate strong cash flow and make meaningful progress paying down debt.”
DineEquity franchises and operates 3,500 restaurants under the IHOP and Applebee’s Neighborhood Grill & Bar brands.
EARLIER: IHOP pulls down DineEquity 2Q results
Contact Lisa Jennings at [email protected].
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