Ruby Tuesday Gets a New Concept President
Restaurant chain Ruby Tuesdayannounced yesterday it has hired a new concept president and chief operations officer.
Todd Burrowes, who has more than 25 years industry experience, comes immediately from Darden Restaurants' Longhorn Steakhouse chain, where he served as executive VP of operations. Previously, he served stints as regional director of operations for Corner Bakery Cafe and VP of operations for Saltgrass Steak House.
Ruby Tuesday President and CEO JJ Buettgen said: "Todd is an extremely capable executive and a motivating leader whose breadth and depth of experience will further strengthen our organization. Todd will be instrumental in leading our efforts to reposition the Ruby Tuesday brand, creating a more lively and approachable guest experience which we believe will provide opportunities to increase our sales and profitability."
Burrowes will receive a base salary of $425,000 per year, according to an SEC filing, and will be eligible for an annual bonus with a target amount of 80% of the base salary up to a maximum payout of 160% of the base. For the 2014 fiscal year, which ends June 3, 2014, Ruby Tuesday will guarantee him an annual bonus that's at least as much as the target payout but up to his actual performance, whichever is greater.
Headquartered in Maryville, Tenn., Ruby Tuesday operates 709 restaurants as well as 77 franchised Ruby Tuesday restaurants, in 45 states, the District of Columbia, 11 foreign countries, and Guam. The restaurant chain had $1.3 billion in revenues for the 12 months ending March 31.
The article Ruby Tuesday Gets a New Concept President originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool owns shares of Darden Restaurants. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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