CEO Nick Shepherd to Step Down in Late 2015, Partner with Fridays Board and Owners to Identify Successor
TGI Fridays announced today that Nick Shepherd has decided to step down from his role as President and Chief Executive Officer. Shepherd recently informed the Fridays Board of his resignation, citing that he believes the time is right to pass the torch to a new leader to steer the 50-year-old brand through its next chapter of growth.
Shepherd will continue to actively lead the business through mid-October, and will be working closely with Fridays Chairman of the Board, John Antioco. The Board has launched a search for the successor, which will be led by Sentinel Capital Partners, Fridays majority shareholder. Because it is unlikely a new CEO will be in place prior to Shepherd leaving the business, Antioco will serve as interim CEO at that time.
“Nick led the transformation of Fridays into a dynamic, globally relevant brand with a bright future and a strong platform for growth,” said Antioco. “We would like to formally recognize Nick for his outstanding and passionate leadership of the business. While we hate to see Nick leave, we are extremely confident that the iconic Fridays brand and significant growth prospects will attract a highly-capable successor.”
“During my six years leading this amazing business, we have deepened the culture, upgraded the talent, measurably improved our guest quality, established solid operating numbers and expanded our international footprint,” said Shepherd. “After undergoing a productive ownership transition, we successfully executed our initial business plan to sell the majority of our company-owned restaurants to new and existing franchisees. This allows us to focus acutely on being a World Class franchisor and brand innovator, which provides us with a great foundation for accelerated future growth here at Fridays.”
Fridays remains dedicated to ensuring a smooth transition with no loss of focus on executing the company’s long-term plans.
Founded in New York City in 1965, TGI Fridays, jointly-owned by Sentinel Capital Partners and Tri-Artisan Capital Partners, operates over 900 restaurants in nearly 60 countries.