14th Feb 2019 09:38
LONDON (Alliance News) - Restaurant Group PLC on Thursday said that Chief Executive Officer Andy McCue will leave the company, citing "extenuating personal circumstances" for the "untimely" departure.
Restaurant Group shares were trading down 13% at 127.57 pence each following the news.
A search for a replacement is currently underway and McCue will remain in his role until a successor is recruited. He was named CEO in August 2016.
Restaurant Group owns dining brands such as Frankie & Benny's, Chiquito, Garfunkel's and only recently acquired Asian food chain Wagamama.
"In recent years, we have achieved much in a challenging market. I'm confident The Restaurant Group is well positioned with the scale, talent and levers to drive profitable growth," McCue said. "While I recognise that this decision is untimely, it is the right one for me and my family. We have a strong team in the business and a clear plan which we are focused on delivering."
The company added: "The board would like to thank Andy for his significant contribution to the business and in particular for leading its transition into higher growth areas, including the recent acquisition of Wagamama. We are grateful that he will continue to drive the business forward while the recruitment process is underway."
Restaurant Group said trading remains in line with expectations. It will publish its annual results on March 15.
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