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Lisa Jennings
SEATTLE Steve Stoddard, chief executive of Restaurants Unlimited Inc. said Friday that he is stepping down after 11 years at the helm of the Seattle-based multiconcept operator.
Stoddard, who joined the company in 1982, said he would stay until June 21, which officials said would be enough time to find a replacement.
The voluntary decision to leave RUI was based on the “unprecedented economic crisis,” and “differing views” about the future direction of the company with private-equity firm Sun Capital Partners, which bought RUI in 2007, said John Bottum, RUI spokesman.
Most recently during Stoddard’s tenure, RUI in late 2007 acquired Portland, Ore.-based Pacific Coast Restaurants Inc., which included 27 restaurants such as the nine-unit Stanford’s chain, as well as the Newport Bay and Manzana brands.
RUI now owns 58 restaurants in 13 states under 17 concepts, including Kincaid's, Palomino, and Pizzeria Fondi. The company reported $250 million in sales in 2008.
Contact Lisa Jennings at [email protected].
