BJ’s Restaurants, Inc. Appoints New Independent Director Brad Richmond
28 Februar 2024 - 1:00PM
BJ’s Restaurants, Inc. (“BJ’s” or the “Company”) (Nasdaq: BJRI)
today announced that it has appointed C. Bradford (Brad) Richmond
to its Board of Directors (the “Board”), effective immediately. In
conjunction with Mr. Richmond’s appointment, the Company entered
into a cooperation agreement (the “Cooperation Agreement”) with
Fund 1 Investments, LLC, one of the company’s shareholders
(collectively with its affiliates, “Fund 1”).
Mr. Richmond served as Chief Financial Officer
of Darden Restaurants Inc. from 2006 to 2015, where he also served
as Corporate Controller from 2005 to 2006. He previously held
executive-level finance and strategic planning roles at Red Lobster
and Olive Garden. Mr. Richmond also serves on the boards of
directors of Coast Entertainment Holdings, a specialty operator of
theme parks, tourist attractions, and other leisure facilities, and
Qualfon, a global provider of call centers, back office services,
and business process outsourcing services. He is experienced in
multiple areas relevant to the Company’s business, including
capital allocation, restaurant operations, and strategic
planning.
“We are pleased to welcome Brad, an accomplished
public company executive, to the Board,” said Gerald (“Jerry”) W.
Deitchle, Chairman of the Board. “His addition reflects our
commitment to ensuring the Board has the right mix of skills and
experiences.”
In connection with entering into the Cooperation
Agreement, the Board also will form a Shareholder Value Initiatives
Committee that will make recommendations to the full Board with
respect to the Board’s continued efforts to maximize value for
shareholders.
Peter (“Pete”) A. Bassi, the Company’s Lead
Independent Director, said, “We look forward to working with Brad,
who we believe will provide important insight to the Board.”
“We are pleased to have reached an agreement
with the Board on the appointment of Brad, a highly qualified
independent director, and the formation of the Shareholder Value
Initiatives Committee" said Jonathan Lennon, the Managing Member of
Fund 1. “We believe that BJ’s is well positioned to navigate a
dynamic market environment, and we are confident that Brad can help
the company drive shareholder value.”
Fund 1 has agreed to a customary standstill,
voting commitment, and related provisions in connection with the
Cooperation Agreement. A copy of the Cooperation Agreement will be
included as an exhibit to the company’s current report on Form 8-K,
which will be filed with the U.S. Securities and Exchange
Commission (the “SEC”).
Sidley Austin LLP and Elkins Kalt Weintraub
Reuben Gartside LLP are serving as legal counsel to the Company.
Olshan Frome Wolosky LLP and Kleinberg, Kaplan, Wolff & Cohen,
P.C. are serving as legal counsel to Fund 1.
About BJ’s Restaurants, Inc.
BJ’s Restaurants, Inc. is a national brand with brewhouse roots
where Craft Matters®. BJ’s broad menu has something for everyone:
slow-roasted entrees, like prime rib, BJ’s EnLIGHTened Entrees®
including Cherry Chipotle Glazed Salmon, signature deep-dish pizza
and the often imitated, but never replicated world-famous Pizookie®
dessert. A winner of the 2023 Vibe Vista Award in the Best Spirits
Program category and the most decorated restaurant-brewery in the
country, BJ’s has been a pioneer in the craft brewing world since
1996 and takes pride in serving BJ’s award-winning proprietary
handcrafted beers, brewed at its brewing operations in four states
and by independent third-party craft brewers. The BJ’s experience
offers high-quality ingredients, bold flavors, moderate prices,
sincere service, and a cool, contemporary atmosphere. Founded in
1978, BJ’s owns and operates over 200 casual dining restaurants in
30 states. All restaurants offer dine-in, take-out, delivery and
large party catering. For more BJ’s information, visit
http://www.bjsrestaurants.com.
Forward Looking Statements
Statements used in this news release relating to
future plans, or events, are forward-looking statements subject to
certain risks and uncertainties. Additional information concerning
these and other risks and uncertainties is contained in the
Company’s filings with the SEC, including the Annual Report on Form
10-K, and other periodic reports filed with the SEC. The Company
has no obligation to publicly update or revise any of the
forward-looking statements in this news release.
Investor Relations Contact
For further information, please contact Tom Houdek of BJ’s
Restaurants, Inc. at (714) 500-2400.
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