Wray Newsletter Masthead
Big News
Chipotle investor seeks board shakeup for more diversity. Chipotle Mexican Grill Inc (CMG.N) shareholder CtW Investment Group on Wednesday urged investors not to re-elect two long-time board members, saying the chain's recent food safety crisis shows the company needs a board that is more independent and also more diverse in race and gender. The move comes as the formerly fast-growing burrito chain works to win back consumers and mollify shareholders after a string of food-borne illness outbreaks last year hammered sales and erased roughly $6 billion in market value.  Full Article 

Executive Movements

Cracker Barrel Old Country Store, Inc. Names Jill Golder as Chief Financial Officer.
Full Article 

Famous Dave's announces appointment of Dexter Newman as Chief Financial Officer.
Full Article 

Rave Restaurant Group Adds Kim Johnston as New Vice President of Human Resources. Full Article 

ndrew McKenna,longtime McDonald's chairman steps down. Full Article 

Patrick Sugrue has been named CEO of Saladworks. Full Article 

Captain D's LLC on Tuesday named Keith Davis its new chief financial officer.
Full Article 

More Executive Movements 

Financial Overview

Same-restaurant sales decreased 3.1%, which included a 140 basis point negative impact due to temporary store closures resulting from severe winter weather.
 Full Article 

Two Year Winter Quarter Cumulative Sales Growth Totals 18%. Full Article 

Reports Fourth Quarter Same-Shack Sales of 11.0% and Reiterates Outlook for Fiscal 2016. Full Article 

Krispy Kreme Doughnuts Inc. said that its net income rose 26 percent in the fourth quarter ended Jan. 31, as the chain's same-store sales continued to grow.
Full Article 

Alexander's/Redlands Grill Posts 24th Consecutive Quarter of Same Store Sales Increases. 
Full Article 

Strong System-Wide Comparable Store Sales Growth of 3.9% for the Fourth Quarter of 2015
Full Article 

More Financial News 

If you always do what you always did, you will always get what you always got
by Bob Gershberg, CEO/Managing Partner Wray Executive Search
Bob Gershberg

The challenges we currently face in running and growing our companies are largely different in scope and nature than the many we have had to overcome in the past. We are always well advised to focus on best practices to get us through the tough times while remaining mindful of being well positioned to thrive during the subsequent upswing, even if it seems dreadfully slow getting there. We have spent much of the last few years cutting costs and often cutting people. "Lean and mean" is always the preferred method to get through the turbulence. So now that your team is lean ask yourself these arduous questions:  
Full Article 

"The secret to successful hiring is this: look for the people who want to change the world."  

- Marc Benioff, Salesforce CEO

by John A. Gordon, principal and founder of Pacific Management Consulting Group
John A. Gordon

We've all been taught for years to focus very closely on the restaurant profit and loss statement. We dream about these numbers at night and, pass on the lessons and awareness from generation to generation. But sometimes, one must look beyond the P&L. There are both expenses (Generally Accepted Accounting Principles (GAAP) expenses, like labor or advertising) and costs, like principal debt repayment and capital expenditures that are outlays of cash. When restauranteurs just focus on the P&L expenses, outlays that really form the basis for the economics of restaurants, gets overlooked.  Full Article 
Financial Edge
The Reemergence of the Key Operating Partner (KOP)
by David Ulrich, EVP Wray Executive Search

David Ulrich
Over the past 5+ years it seems there are a couple of distinct patterns that have shaped the current landscape within the restaurant industry. Many of the larger companies like Wendy's, Jack in the Box, Burger King, and even Brinker have decided to purposefully move away from corporate ownership to a vast majority of franchisee owned restaurants in order to accelerate the continued growth of their brands.
Full Article 

Executive Chat with Justin Mosel
Four Restaurants That Feed Your Soul in Asheville
by Rebecca Patt, SVP Development, Wray Executive Search

Rebecca Patt
Justin Mosel is the Director of Culinary at Rubio's Coastal Grill, a 200-unit fast-casual chain based in Carlsbad, CA. He joined Rubio's in 2006 and leads the menu development team. We chatted at the Restaurant Leadership Conference in Phoenix last week about the brand's recent name change, how the menu is innovating from its early roots of beer-battered fish tacos, and how they attract top talent. 
Full Article 
The Big Apple
The Vegetarian Trend
by Joe Radice, Vice President, Wray Executive Search

Joe Radice
According to a Harris poll in 2008 on "Vegetarianism in America", 3.2 percent of adults in the US, or 7.3 million people, follow a vegetarian diet. (1 million of them claim to be vegans.) Moreover, 10% of U.S. adults or 22.8 million people said they largely follow a vegetarian-inclined diet. In 2015, the Harris poll calculated that the number of vegetarians in the US had grown to 8 million. Gallop, however, used different criteria in polling respondents about being vegetarian, and their results indicate that the percentage of the population who consider themselves vegetarian is actually as high as 5% of U.S. adults. 
Full Article 
The Power of Brand Purpose
by Fred LeFranc, Founding Partner, Results Thru Strategy

Fred LeFranc
It may sound odd to ask what your brand believes in. After all, brands are inanimate and therefore incapable of believing in anything. On the other hand, if I asked you what your brand stands for you'd likely have a ready answer. 
Full Article 

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