Red Robin Appoints Anthony Ackil to Board of Directors
28 March 2020 - 12:29AM
Business Wire
Reaches Agreement with Vintage Capital
Management
Red Robin Gourmet Burgers, Inc. (NASDAQ: RRGB) (“Red Robin” or
the “Company”) and Vintage Capital Management, LLC (“Vintage”), an
investment firm with beneficial ownership of approximately 11.6% of
the Company’s outstanding shares, announced today that they have
reached an agreement to appoint Anthony Ackil to the Company’s
Board of Directors (the “Board”), effective immediately. Mr. Ackil
is the fifth independent director to be added to the Board in the
past eight months.
Anthony Ackil is a highly qualified restaurant industry
executive. He founded B.Good, a private restaurant chain with
seventy units in ten states and four countries, and served as its
CEO from 2004 to 2018. With the appointment of Mr. Ackil, the Board
will comprise eleven directors, ten of whom are independent.
“We are pleased to welcome Anthony to our Board as an
independent director,” said David A. Pace, Red Robin’s Board Chair.
“Anthony is a well-respected restaurant industry executive and we
believe he will enhance our Board’s collective experience and
expertise. The Board is confident that this agreement with Vintage
is in the best interest of our shareholders, Team Members, Guests,
franchisees and partners, and we look forward to working with
Anthony as we continue to execute our transformation strategy.”
“We appreciate Red Robin’s constructive approach, and we are
pleased to reach this agreement. We have great confidence in the
Company’s newly appointed CEO, Paul Murphy, and its recently
refreshed Board, and we look forward to working with the Company
towards our mutual goal of positioning Red Robin for success and
value creation,” said Brian Kahn, Managing Partner of Vintage
Capital Management.
Pursuant to the terms of the agreement, the Company has
temporarily increased the size of the Board to 11 directors and
will include Mr. Ackil in the Company’s proxy statement for
election at the 2020 Annual Meeting of Stockholders (the “2020
Annual Meeting”). As previously announced, Director Stuart Oran has
decided not to stand for re-election at the 2020 Annual Meeting of
Stockholders. Following Mr. Oran’s retirement from the Board, the
Company expects that the Board size will be reduced again to ten
members. In addition, Vintage and certain of its affiliates have
agreed to certain customary standstill and voting provisions,
including, but not limited to, voting its shares for all of Red
Robin’s nominees at the 2020 Annual Meeting. Vintage has further
agreed to withdraw its director nominations for the 2020 Annual
Meeting. The Company has agreed to grant Vintage a waiver under the
Company’s rights agreement allowing Vintage to acquire up to 20% of
the Company’s outstanding common stock. The Company’s agreement
with Vintage will be filed on a Form 8-K with the Securities and
Exchange Commission (“SEC”).
About Anthony Ackil Anthony Ackil is a restaurant
industry executive who currently serves as the CEO of Streetlight
Ventures, a retail support platform for small business and real
estate brokers, having founded the Company in 2019. He also
currently serves on the boards of B.Good, and Project Bread, an
organization committed to preventing and ending hunger in
Massachusetts. Mr. Ackil previously founded B.Good and served as
its CEO from 2004 to 2018. Before joining B.Good, he worked as a
consultant for IBM, focusing on internet strategy and corporate
structure. Previously, he was a consultant at
PricewaterhouseCoopers from 1999 to 2003. Mr. Ackil received a B.A.
from Harvard University.
About Red Robin Red Robin Gourmet Burgers, Inc.
(www.redrobin.com), a casual dining restaurant chain founded in
1969 that operates through its wholly-owned subsidiary, Red Robin
International, Inc., and under the trade name, Red Robin Gourmet
Burgers and Brews, is the Gourmet Burger Authority™, famous for
serving more than two dozen craveable, high-quality burgers with
Bottomless Steak Fries® in a fun environment welcoming to guests of
all ages. At Red Robin, burgers are more than just something guests
eat; they’re a bonding experience that brings together friends and
families, kids and adults. In addition to its many burger
offerings, Red Robin serves a wide variety of salads, soups,
appetizers, entrees, desserts and signature beverages. Red Robin
offers a variety of options behind the bar, including its extensive
selection of local and regional beers, and cocktails. It’s now easy
to take Red Robin anywhere with online ordering for to-go and
Gourmet Burger Bar catering pickups through Yummm2Go. There are
more than 550 Red Robin restaurants across the United States and
Canada, including those operating under franchise agreements. Red
Robin… YUMMM®! Connect with Red Robin on Facebook, Instagram and
Twitter.
About Vintage Capital Management Vintage Capital is a
value-oriented, operations-focused, private and public equity
investor specializing in the consumer, aerospace and defense, and
manufacturing sectors. For additional information about Vintage,
please visit www.vintcap.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200327005257/en/
Red Robin Contact: ICR Raphael Gross, Managing Director
(203) 682-8253 Vintage Capital Management Contact: Vintage
Capital Management Brian Kahn, Managing Partner
bkahn@vintcap.com
Red Robin Gourmet Burgers (NASDAQ:RRGB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Red Robin Gourmet Burgers (NASDAQ:RRGB)
Historical Stock Chart
From Apr 2023 to Apr 2024