LAKE MARY Fla. Craig Miller, who was fired about two weeks ago as chairman, chief executive and president of Ruth’s Chris Steak House Inc., will be paid as a consultant to the company for six months or until his replacement is hired, the company revealed in government filings. The separation agreement was reached on May 5, the same day Miller also resigned as a member of the company's board.
The agreement provides Miller with $30,000 monthly for his services, according to the filing. Once his consultation ends, Miller will receive 12 months of severance equal to his annual salary. His 2007 salary and bonuses were $560,127, and a March Securities and Exchange Commission filing showed that the ousted CEO received a raise of 3.5 percent, or $17,000, in his base pay.
Miller, who is subject to a 12-month noncompete period that began April 23, also will receive six months of outplacement services and be reimbursed up to $20,000 in legal fees, according to the filings. The company is accelerating the vesting of 60,000 shares of restricted stock that Miller received in 2008, though he forfeits any remaining unvested shares of restricted stock from the 2008 grant.
Robin P. Selati, who assumed Miller’s duties as chairman, will remain on the board, as will Carla R. Cooper, a longtime member of the restaurant industry’s supplier community, and Carrols Corp. veteran Alan Vituli. Selati is managing director of Madison Dearborn Partners, Ruth’s Chris’ largest shareholder.
Miller, 58, joined Ruth’s Chris in March 2004 after serving in top-level positions at a number of restaurant companies, including Uno Chicago Grill parent Uno Corp.
The company operates 121 restaurants.
