BurgerFi International, Inc. (NASDAQ: BFI, BFIIW)
(“BurgerFi”), owner of one of the nation’s leading fast-casual
“better burger” dining concepts through the BurgerFi brand, and the
high-quality, casual dining pizza brand under the name Anthony’s
Coal Fired Pizza & Wings (“Anthony’s”), today announced that
Ian H. Baines has retired from his role of Chief Executive Officer,
effective as of June 7, 2023, but, in lieu of any severance that
would otherwise be payable under his employment agreement, has
agreed to serve as an outside consultant to the Company for the
next 12-months following his resignation. The Board has begun a
comprehensive search for a new CEO.
“On behalf of the Board, we would like to thank
Ian for his service to BurgerFi and for leading Anthony’s through
its sale to BurgerFi. We wish Ian all the best in this new chapter
of his life,” says Ophir Sternberg, Executive Chairman at
BurgerFi.
Sternberg continued, “As we search for a new
CEO, John Iannucci, our Chief Operating Officer, will lead the
organization on an interim basis. Mr. Iannucci has immersed himself
into the Company and has proven himself to be a dynamic and
effective leader. We look forward to naming a new CEO once that
individual has been identified.”
Ian Baines, Chief Executive Officer of BurgerFi,
added, “It has been an honor to lead this Company but the time is
now ripe for me to retire. I am proud of what our teams have
accomplished in integrating Anthony’s into the BurgerFi system --
the Company now has two high-quality brands with growth potential.
I wish everyone at BurgerFi all the best.”
Mr. Iannucci has almost 20 years experience in
the restaurant industry and has acted as Chief Operating Officer of
BurgerFi since January 2023. Prior, he was the Chief Operating
Officer of Anthony’s since June 2022. He has held multiple
restaurant leadership roles at various companies such as The
Cheesecake Factory, Max Brenner, Logan’s Roadhouse, Sharis and
Birdcall. Mr. Iannucci holds a certificate in food and beverage
management from Cornell University.
About BurgerFi International (Nasdaq: BFI,
BFIIW)
Established in 2011, BurgerFi is a leading
multi-brand restaurant company that develops, markets, and acquires
fast-casual and premium-casual dining restaurant concepts around
the world, including corporate-owned stores and franchises.
BurgerFi is among the nation’s better burger concepts with 112
BurgerFi restaurants (85 franchised and 27 corporate-owned). As of
April 3, 2023, BurgerFi is the owner and franchisor of the two
following brands with a combined 172 locations.
BurgerFi. BurgerFi is chef-founded and committed
to serving fresh, all-natural and quality food at all locations,
online and via first-party and third-party deliveries. BurgerFi
uses 100% American Angus Beef with no steroids, antibiotics, growth
hormones, chemicals or additives. BurgerFi’s menu also includes
high quality wagyu beef, antibiotic and cage-free chicken
offerings, fresh, hand-cut sides, and custard shakes and concretes.
BurgerFi was named “Best Fast Casual Restaurant” in USA Today’s
10Best 2022 Readers Choice Awards for the second consecutive year,
QSR Magazine's Breakout Brand of 2020, Fast Casual's 2021 #1 Brand
of the Year and included in Inc. Magazine’s Fastest Growing Private
Companies List. In 2021, Consumer Report’s Chain Reaction Report
praised BurgerFi for serving “no antibiotic beef” across all its
restaurants, and Consumer Reports awarded BurgerFi an “A-Grade
Angus Beef” rating for the third consecutive year. To learn more
about BurgerFi or to find a full list of locations, please visit
www.burgerfi.com. Download the BurgerFi App on iOS or Android
devices for rewards and 'Like' or follow @BurgerFi on Instagram,
Facebook and Twitter. BurgerFi® is a Registered Trademark
of BurgerFi IP, LLC, a wholly-owned subsidiary of BurgerFi.
Anthony’s. Anthony’s was acquired by BurgerFi on
November 3, 2021 and is a premium pizza and wing brand that
operates 60 corporate-owned casual restaurant locations, as of
April 3, 2023. Known for serving fresh, never frozen and quality
ingredients, Anthony’s is centered around a 900-degree coal fired
oven with menu offerings including “well-done” pizza, coal fired
chicken wings, homemade meatballs, and a variety of handcrafted
sandwiches and salads. Anthony’s was named “The Best Pizza Chain in
America” by USA Today's Great American Bites and “Top 3 Best Major
Pizza Chain” by Mashed in 2021. To learn more about Anthony’s,
please visit www.acfp.com.
Forward-Looking Statements
This press release may contain “forward-looking statements” as
defined in the Private Securities Litigation Reform Act of 1995,
including statements relating to BurgerFi's estimates of its future
business outlook, prospects, or financial results , as well as
statements relating to the ability to identify and hire a new Chief
Executive Officer. Forward-looking statements generally can be
identified by words such as “anticipates,” “believes,” “estimates,”
“expects,” “intends,” “plans,” “predicts,” “projects,” “will be,”
“will continue,” “will likely result,” and similar expressions.
These forward-looking statements are based on current expectations
and assumptions that are subject to risks and uncertainties, which
could cause our actual results to differ materially from those
reflected in the forward-looking statements. Factors that could
cause or contribute to such differences include, but are not
limited to, those discussed in our Annual Report on Form 10-K for
the year ended January 2, 2023, and subsequent Quarterly Reports on
Form 10-Q, and those discussed in other documents we file with the
Securities and Exchange Commission, including our ability to
continue to access liquidity from our credit agreement and remain
compliant with financial covenants therein. All subsequent written
and oral forward-looking statements attributable to BurgerFi or
persons acting on BurgerFi’s behalf are expressly qualified in
their entirety by the cautionary statements included in this press
release. We undertake no obligation to revise or publicly release
the results of any revision to these forward-looking statements,
except as required by law. Given these risks and uncertainties,
readers are cautioned not to place undue reliance on such
forward-looking statements.
Investor Relations:ICRMichelle
MichalskiIR-BFI@icrinc.com
Company Contact:BurgerFi International
Inc.IR@burgerfi.com
Media Relations Contact:Ink Link MarketingKim
Miller Kmiller@inklinkmarketing.com
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