Key Leader at Chili’s, Maggiano’s Steps Down
Brinker International Inc.'s management team underwent another change Tuesday as the company announced Tom Edwards’ resignation as chief financial officer and executive vice president, effective April 7.
The company, which owns Chili’s Grill & Bar and Maggiano’s Little Italy, said Edwards was relocating to accept a role outside of the industry and move closer to his family. Edwards, who served as Brinker's CFO since March 2015, was previously the CFO at the Wyndham Hotel.
Joe Taylor, who has been with Brinker for 17 years and currently serves as vice president investor relations and treasurer, will step into the interim CFO role until a permanent successor is named. The search, Brinker says, is underway.
“Tom has been an invaluable member of our management team and we thank him for his many contributions to Brinker," says Wyman Roberts, chief executive officer and president of Brinker International, Inc., in a statement. "We are confident that with our strategic initiatives, experienced leadership team and Joe's deep knowledge of the company, we will continue to successfully execute against our long-term plans and drive value to our shareholders."
Edwards released a statement as well.
“It has been my great pleasure to serve as the CFO of Brinker and work with two outstanding casual-dining brands," Edwards says in a release. "I am grateful for the opportunities I had at Brinker and the chance to work with one of the most dedicated and driven leadership teams in the business."
Brinker owns 1,606 Chili’s and 52 Maggiano’s.
On March 22, the company announced that Steve Provost was named executive vice president and chief marketing and innovation officer, tasked with leading the brand’s consumer insights, culinary innovation, and marketing teams.
Provost has been with Brinker since 2009 as senior vice president of marketing for Maggiano’s, later becoming its brand president. Maggiano’s, which recently launched its biggest menu change in its 25-year history, reported 23 consecutive quarters of sales growth in the past eight years. Brinker is set to report its Q3 international earnings on April 25.
In January, fiscal second-quarter results showed a dip in company-owned comparable restaurant sales at Chili’s of 3.3 percent. Maggiano’s sales decreased 0.8 percent. The franchise numbers at Chili’s were down 3.5 percent (3 percent and 4.2 percent for U.S. and international locations, respectively).
Brinker's total revenues in the second quarter of fiscal 2017 decreased 2.2 percent to $771 million compared to the second quarter of fiscal 2016 and company sales in the second quarter of fiscal 2017 decreased 2.2 percent to $748.7 million compared to the second quarter of fiscal 2016.