Krystal Restaurants LLC has named Thomas Stager president, replacing former president and chief operating officer Tim Ward. Ward and former chief financial officer Bruce Vermilyea are no longer with the company, which was purchased out of bankruptcy, effective May 18, by funds managed by affiliates of Fortress Investment Group LLC and operating partner Golden Child Holdings.
Fortress Investment Group is a global investment manager based in New York and with offices in Atlanta, where Krystal is headquartered, and approximately $43.5 billion of assets under management as of Dec. 31, 2019.
Golden Child is an active investor and manager in restaurants, including Pizza Hut. Stager is CEO of Golden Child’s Pizza Hut operations and chief operating officer of Golden Child Holdings.
Stager has worked in helping to revitalize Pizza Hut and Arby’s, according to a release from Krystal announcing his appointment.
“The new partnership is excited to continue growing the brand, maintaining an overriding focus on enhancing customer experience,” Krystal’s vice president of marketing, Angela Johnson, said in the release. “Even during this unusual time, our iconic brand continues to perform well and we see exceptional opportunities for growth looking ahead.”
Krystal filed for Chapter 11 bankruptcy protection in January.
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