Ruby Tuesday Inc. chief financial officer Marguerite N. Duffy will retire effective June 5, the company said Tuesday.
A search for Duffy’s successor is under way.
Duffy joined the Maryville, Tenn.-based casual-dining restaurant operator in 1990, and was named chief financial officer in 2001 after having directed multiple finance areas within the company.
She said she looked forward to helping with the transition to a new finance team leader and spending more time with her family “before starting the next chapter of my life and career.”
“Margie has given so much of her time and talents to strengthening the company’s financial position” and has been “an invaluable partner and asset to Ruby Tuesday,” Sandy Beall, Ruby Tuesday chief executive, said in a statement.
During Duffy’s tenure, Ruby Tuesday spun off two of its businesses into two new public companies, began franchising its brands, issued equity in a public offering, closed numerous debt financings, bought and sold several businesses and, most recently, implemented a sale-leaseback program to raise proceeds to provide the company with more financial flexibility. Her efforts have helped build a strong accounting and financial platform that positions the company for its next phase of growth, company officials said.
Duffy expressed her “sincere appreciation to the finance team for their high standards and dedication to excellence.”
Ruby Tuesday Inc. earlier this month reported a loss of $2 million for its fiscal 2012 second quarter ended Nov. 29, while posting higher revenue numbers tied to its recent acquisition of restaurants from franchisees.
Company restaurant same-store sales had declined for the third consecutive quarter, it reported, despite extensive repositioning efforts during the past two years, prompting Beall to explain that increased TV advertising could help turn the tide back to positive same-store sales growth by inspiring trial of the chain’s new and improved operations.
Ruby Tuesday ended the quarter with 742 company restaurants and 43 and 44 domestic and international locations, respectively.
Contact Alan J. Liddle at [email protected].
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