Noodles & Company Announces CEO Transition
11 November 2023 - 12:00AM
Noodles & Company (Nasdaq: NDLS), today announced that the
Board has appointed Noodles Board member Drew Madsen to serve as
interim CEO effective immediately. Concurrently, the Board has
initiated a comprehensive search for a new permanent CEO to lead
the Company into its next phase of growth. Madsen’s appointment
follows the decision by the Board to transition to new leadership,
resulting in Dave Boennighausen’s departure as the Company's CEO.
Mr. Madsen brings a wealth of experience in the restaurant
industry to the role of interim CEO. In his recent operating roles,
Mr. Madsen was President and Chief Operating Officer at some of the
most successful and well-respected businesses in the restaurant
industry. Most recently, Mr. Madsen was President of Panera Bread.
During his tenure at Panera, Mr. Madsen led the company to industry
leadership in clean food, digital sales, and home delivery,
combined with significantly improved operations execution and
aggressive cost reduction.
Mr. Madsen’s professional experience prior to Panera includes
fifteen years at Darden. Mr. Madsen was President & Chief
Operating Officer for nearly ten years. During his tenure, he
helped establish Darden as a successful multi-brand operator in
full service dining. In addition, Darden was the first restaurant
company to be recognized by Fortune as one of the “100 Best
Companies to Work For,” achieving that distinction for three
consecutive years.
Mr. Madsen has served on the Noodles board since 2017. For
nearly ten years, Mr. Madsen was a board member at Darden
Restaurants. He previously served as an independent director on the
board of Talbots Inc., the specialty retailer of women’s
fashion.
Jeff Jones, Noodles & Company Board Chairman, commented on
the interim CEO appointment, stating, "We are very excited to have
Drew step into the interim CEO role and remain on our Board. He is
a seasoned executive with a deep understanding of our Company's
operations and strategy, and has a successful track record as a
leader in the restaurant industry. We have full confidence in his
ability to guide the company effectively during this time as we
focus on key strategic initiatives to drive top line growth and
bottom line results and significantly enhance stockholder
value."
Mr. Madsen also expressed his commitment to the company during
this interim period, saying, "I am honored to take on this role and
work with our dedicated employees, partners, and stakeholders while
we search for a permanent leader. As interim CEO, I will focus the
Noodles team on delivering exceptional experiences to our
customers, and effectively implementing the initiatives that drive
business growth."
Mr. Jones expressed his gratitude for Mr. Boennighausen's
contributions to the Company: "On behalf of the Board, we thank
Dave for his leadership and dedication to Noodles. He led the
Noodles team and navigated the Company through a period of rapid
change and market disruption, including during the pandemic. His
passion for the Noodles brand is undeniable, he has our full
respect, and we wish him all the best in his future endeavors."
About Noodles & CompanySince 1995, Noodles
& Company has been serving guests Uncommon Goodness and noodles
your way, with noodles and flavors you know and love as well as new
ones you’re about to discover. From indulgent Wisconsin Mac &
Cheese to better-for-you Zoodles, Noodles serves a world of flavor
in every bowl. Made up of more than 450 restaurants and 8,000
passionate team members, Noodles is dedicated to nourishing and
inspiring every guest who walks through the door. To learn more or
find the location nearest you, visit www.noodles.com.
Forward-Looking StatementsIn addition to
historical information, this press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve risks and uncertainties. In some
cases, you can identify forward-looking statements by terms such as
“may,” “might,” “will,” “objective,” “intend,” “should,” “could,”
“can,” “would,” “expect,” “believe,” “design,” “estimate,”
“predict,” “potential,” “plan” or the negative of these terms and
similar expressions intended to identify forward-looking
statements. These statements reflect our current views with respect
to future events and are based on currently available operating,
financial and competitive information. Examples of forward-looking
statements include all matters that are not historical facts, such
as statements regarding Mr. Madsen’s intended goals for the
Company. Our actual results may differ materially from those
anticipated in these forward-looking statements due to reasons
including, but not limited to, our ability to sustain our overall
growth, including our digital sales growth; and our ability to
achieve and maintain increases in comparable restaurant sales and
to successfully execute our business strategy, including new
restaurant initiatives, such as digital menu boards, and
operational strategies to improve the performance of our restaurant
portfolio. For additional information on these and other factors
that could affect the Company’s forward-looking statements, see the
Company’s risk factors, as they may be amended from time to time,
set forth in its filings with the SEC, included in our most
recently filed Annual Report on Form 10-K, and, from time to time,
in our subsequently filed Quarterly Reports on Form 10-Q. The
Company disclaims and does not undertake any obligation to update
or revise any forward-looking statement in this press release,
except as may be required by applicable law or regulation.
Contacts:Investor
Relationsinvestorrelations@noodles.com
MediaDanielle Moorepress@noodles.com
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