Così Inc. terminated its president and CEO R.J. Dourney, the company said in a Securities and Exchange Commission filing. The company's CFO Miguel Rossy-Donovan has also resigned.
Dourney’s termination is effective immediately and board member Patrick Bennett will serve as interim CEO while the company begins a search to replace him and Rossy-Donovan, whose resignation is effective Sept. 23.
In the filing, Così specified that Rossy-Donovan was quitting to take a CFO position at another, unnamed, company.
The 107-unit chain has long struggled with weak sales. In the second quarter, same-store sales fell 1.6 percent.
“Mr. Rossy-Donovan is not resigning because of a disagreement on any matter relevant to the company’s operations, policies or practices,” the filing said.
“I am proud of having successfully led, in close partnership with the leadership team, the efforts to position the company and generate cash, to build strategic discipline and focus, and to foster an entrepreneurial culture with people at the center,” Rossy-Donovan said in the release, which also stated that he would work with the company and board of directors to “ensure the continuity of previously implemented financial and cash management systems, and the implementation of operating priorities required to facilitate the execution of the next phase of the company’s strategic plan.”
Bennett, 69, has been on the board since April, 2014, according to the filing.
Trading in the shares was halted on the news. It ended the day up 5.6 percent.
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